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Securitization in Poland - an innovative solution in the tax perspective ?

Securitization in Poland - an innovative solution in the tax perspective ?. Krzysztof Biernacki Assistant Professor, Wrocław University of Economics, Poland. Main question (hypothesis). Securitization is not any more innovative solution in Poland, after amendments in the tax system.

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Securitization in Poland - an innovative solution in the tax perspective ?

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  1. Securitization in Poland - an innovative solution in the tax perspective ? Krzysztof Biernacki Assistant Professor, Wrocław University of Economics, Poland

  2. Main question (hypothesis) Securitization is not any more innovative solution in Poland, after amendments in the tax system. Tax system in Poland favors only one form of asset securitization – bank assets securitization with investment funds.

  3. What is a financial innovation ? Source: own study based on Hastenpflug W., Das Securitizationsphänomen, Wiesbaden 1991

  4. Securitization - structure Own study based on: J. M. Tavakoli, Collateralized Debt Obligations & Structured Finance, Jon Wiley & Sons, Inc, New Jersey 2003, and Ł. Reksa, Sekurytyzacja wierzytelności na rynkach międzynarodowych, Bank i Kredyt No. 2 of 2004

  5. Asset securitization issues in Poland Buszko M., Krupa D., Discussion about developing securitisation in Poland with participation of securitisation investment funds, Economics And Law, Vol. 15, Issue 3

  6. Taxation of securitization in Poland

  7. General conclusions • innovations arise in those branches of the economy where no clear-cut rules of operation of public and private institutions exist; • an essential reason for developing an innovation is an attempt to downsize the statutory costs of transaction, as attributed to assertion of the ownership title; • the entities that have the base to introduce innovations (banks) follow this path exclusively upon implementation of individual tax solutions, which enable them to ease the burdens under the public law.

  8. Hypothesis verification Regulation amendments in the E. J. Kane’s theory can not explain securitization in Poland as an innovative solution. Finally the hypothesis proposed in the introduction herein has not been proven. After the introduction of special taxation rules for bank securitization, the development of securitization issues in Poland ceased to be an innovation within the meaning of the above-specified theories and has become a financial instrument created by the legislature.

  9. Securitization in Poland - an innovative solution in the tax perspective ? THANK YOU Krzysztof Biernacki Krzysztof.Biernacki@ue.wroc.pl

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