2017 ISSUE 1
TÍTLE: ESTIMATION OF THE TAX BURDEN ON THE AVERAGE LABOR INCOME IN SPAIN
AUTHORS: Yasmina PRADILLO MONTEAGUDO
ABSTRACT: Due to the social context in Spain in the aftermath of the financial and economic crisis which started in 2008 and has lasted until the present time, this paper analyses the fiscal burden on the average income salary. The profile of the average salaried employee is defined as the persone who, regardless his/her nationality, sex and age, has got an employment and contributes to State's revenues according to the salary obtained. One of the main findings of this research is that the present Spanish fiscal system is highly regressive, which as a result imposes a relative higher fiscal burden on those employees receiving lower wages.
TÍTLE: RELIGIOUS BODIES AND TAXATION IN SPAIN
AUTHORS: Agustín ROMERO CIVERA
ABSTRACT: Religious faiths, especially the Catholic religion, are in Spain under the protection of the State, even though the Spanish Constitution defines the State to be secular. In this context, a number of laws have been enacted to guarantee the especial status of religious bodies. This paper studies those regulations regarding fiscal matters, specially the Ley de Entidades sin Fines Lucrativos y del Mecenazgo and the property tax legislation. After the analysis, some critical conclusions are presented.
TÍTLE: SIGNALS IDENTIFICATION IN THE COLOMBIAN STOCK MARKET'S PRICES, USING MOVING AVERAGE AND OSCILLATORS
AUTHORS: César Augusto CUTA DURÁN
ABSTRACT: This article introduces a revision of how you can use the technical analysis to identify some buy a sell signals in the stocks' prices with higher liquidity function in the Colombian market, using different tools of technical analysis as the moving average, the relative strength index and the MACD. First, the paper describes the concepts associated to the technical analysis' tools used to identify the buy and sell signals in the stocks with higher liquidity function, and then these tools are applied. As expected, it was not possible to identify an infallible method for all the scenarios, but the combination of those methods increase the profits in the period of study, exceeding significantly the passive strategy of buy and hold in most of the cases.
TÍTLE: ANALYSIS OF THE ROLE OF FIXED INCOME PRIMARY MARKETS AS FINANCIAL SOURCE FOR SPANISH COMPANIES
AUTHORS: Mar LÓPEZ PORTOLÉS
ABSTRACT: This paper studies the recourse of the Spanish corporations to the fixed income markets as a funding source. Special interest is devoted to the Spanish fixed income markets: AIAF and MARF. The characteristics of the financial assets traded in the markets are described. Then, the volume issued, the outstanding amount and the nature of the issuers are analyzed. The main conclusion is that the State plays a predominant role in the fixed income market, as the main issuer. Regarding private companies, financial institutions dominate the market at all levels, both in the short-term and the long-term; in the national and the international sphere.
TÍTLE: PROPOSAL OF A MODEL TO VALUE DAMAGES IN THE REPUBLIC OF COLOMBIA
AUTHORS: Luis Fernando RESTREPO GÓMEZ
ABSTRACT: This paper introduces a valuation tool inspired by the AVUMAN methodology (Analytic Multicriteria Valuation Method), which combines AHP and the capitalization method. The result is a useful tool to value damages in a transparent and traceable manner. The study is focused on the first step of the methodology, that is, the definition of the variables to be considered in the model as applied in the Republic of Colombia.
TÍTLE: PROPOSAL OF A NEW METHODOLOGY TO DEFINE THE AREAS TO APPLY THE DIFFERENT RATES OF THE LOCATION COEFFICIENT OF THE ECONOMIC ACTIVITIES TAX
AUTHORS: Francisco GUIJARRO
ABSTRACT: This paper makes a methodological proposal to determine the different zones or areas where the different location coefficients of the economic activities tax should be applied. In the first part of the paper, the most widely employed methodology in present is analyzed and some weaknesses are identified based on its foundation and on its daily implementation, so the need for an alternative methodology. In the second part, a new methodology is introduced, which advocates for dividing the territory of the city into different zones and apply on all the companies undertaking the same activity located in the same zone the same location coefficient. The zoning is made taking into account the attraction power of the different zones. In order to measure the attraction capability, an analysis of the spatial distribution of the companies is performed for each type of economic activity.