Suchergebnisse

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Problems of Collective Investment Subjects Undertaking Taxation in Lithuania Collective investment subjects are investment funds or investment companies that belong to multiple investors, offering their own shares and investment units in a public manner and that are managed by licensed management company. The main objective of such subjects is to accumulate funds from individuals and collectively invest them in order to obtain financial benefits. This master's paper consists of two parts. The first part of the work deals with collective investment, concepts of investment, collective investment and collective investment subjects. Also the types of collective investment subjects are discussed and the types of objects they can invest to are presented. In order to clarify the concept of investment, the investment process and the most popular investment methods are analyzed. Collective investment subjects are discussed within the range of The Republic of Lithuania Law on Collective Investment Subjects. The second part of the work deals with taxation, discusses the nuances and emerging issues related to taxation of collective investment subjects. Separate taxes established in the Republic of Lithuania, namely, profit tax, value added tax, land tax and real estate tax are analyzed. Taxation is presented in the analysis of the legislation governing these taxes. In examining each tax chosen, the aim is to discuss the development of the norms of the tax law related to the subject of this master's paper and to compare the current norms with the taxation applied in Latvia and Estonia.

Problems of Collective Investment Subjects Undertaking Taxation in Lithuania Collective investment subjects are investment funds or investment companies that belong to multiple investors, offering their own shares and investment units in a public manner and that are managed by licensed management company. The main objective of such subjects is to accumulate funds from individuals and collectively invest them in order to obtain financial benefits. This master's paper consists of two parts. The first part of the work deals with collective investment, concepts of investment, collective investment and collective investment subjects. Also the types of collective investment subjects are discussed and the types of objects they can invest to are presented. In order to clarify the concept of investment, the investment process and the most popular investment methods are analyzed. Collective investment subjects are discussed within the range of The Republic of Lithuania Law on Collective Investment Subjects. The second part of the work deals with taxation, discusses the nuances and emerging issues related to taxation of collective investment subjects. Separate taxes established in the Republic of Lithuania, namely, profit tax, value added tax, land tax and real estate tax are analyzed. Taxation is presented in the analysis of the legislation governing these taxes. In examining each tax chosen, the aim is to discuss the development of the norms of the tax law related to the subject of this master's paper and to compare the current norms with the taxation applied in Latvia and Estonia.

Problems of Collective Investment Subjects Undertaking Taxation in Lithuania Collective investment subjects are investment funds or investment companies that belong to multiple investors, offering their own shares and investment units in a public manner and that are managed by licensed management company. The main objective of such subjects is to accumulate funds from individuals and collectively invest them in order to obtain financial benefits. This master's paper consists of two parts. The first part of the work deals with collective investment, concepts of investment, collective investment and collective investment subjects. Also the types of collective investment subjects are discussed and the types of objects they can invest to are presented. In order to clarify the concept of investment, the investment process and the most popular investment methods are analyzed. Collective investment subjects are discussed within the range of The Republic of Lithuania Law on Collective Investment Subjects. The second part of the work deals with taxation, discusses the nuances and emerging issues related to taxation of collective investment subjects. Separate taxes established in the Republic of Lithuania, namely, profit tax, value added tax, land tax and real estate tax are analyzed. Taxation is presented in the analysis of the legislation governing these taxes. In examining each tax chosen, the aim is to discuss the development of the norms of the tax law related to the subject of this master's paper and to compare the current norms with the taxation applied in Latvia and Estonia.

Problems of Collective Investment Subjects Undertaking Taxation in Lithuania Collective investment subjects are investment funds or investment companies that belong to multiple investors, offering their own shares and investment units in a public manner and that are managed by licensed management company. The main objective of such subjects is to accumulate funds from individuals and collectively invest them in order to obtain financial benefits. This master's paper consists of two parts. The first part of the work deals with collective investment, concepts of investment, collective investment and collective investment subjects. Also the types of collective investment subjects are discussed and the types of objects they can invest to are presented. In order to clarify the concept of investment, the investment process and the most popular investment methods are analyzed. Collective investment subjects are discussed within the range of The Republic of Lithuania Law on Collective Investment Subjects. The second part of the work deals with taxation, discusses the nuances and emerging issues related to taxation of collective investment subjects. Separate taxes established in the Republic of Lithuania, namely, profit tax, value added tax, land tax and real estate tax are analyzed. Taxation is presented in the analysis of the legislation governing these taxes. In examining each tax chosen, the aim is to discuss the development of the norms of the tax law related to the subject of this master's paper and to compare the current norms with the taxation applied in Latvia and Estonia.

Collective bargaining and collective agreements were born in western countries. During last 30 years China has attempted to introduce market economy and modern industry, also the legal system which includes collective bargaining and collective agreements. These two concepts are quite new to the Chinese subjects of labour law, although during the period of planned economy the labour unions already exists, but the Chinese regime and subjects of labour law don't understand how the collective bargaining and collective agreements essentially work. The Chinese regime is confronted by various problems concerning labour relations while introducing market economy and modern industry, these problems have been settled in western countries. While promting further growing of economy, the implementation of collective bargaining and collective agreements is one of the most important and essential tasks of Chinese government, because the stability of individual and collective labour relations directly influences Chinese communist regime, economic sustainable development and harmoniuos society.

Collective bargaining and collective agreements were born in western countries. During last 30 years China has attempted to introduce market economy and modern industry, also the legal system which includes collective bargaining and collective agreements. These two concepts are quite new to the Chinese subjects of labour law, although during the period of planned economy the labour unions already exists, but the Chinese regime and subjects of labour law don't understand how the collective bargaining and collective agreements essentially work. The Chinese regime is confronted by various problems concerning labour relations while introducing market economy and modern industry, these problems have been settled in western countries. While promting further growing of economy, the implementation of collective bargaining and collective agreements is one of the most important and essential tasks of Chinese government, because the stability of individual and collective labour relations directly influences Chinese communist regime, economic sustainable development and harmoniuos society.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.

This paper examines the law of the Republic of Lithuania on the collective investment undertakings (further in the text – law of UCI) and regulation of portfolio management services provided by investment management companies (further in the text – Managers). The newest version of the law of UCI came into force on the 1 st of March, 2008. In this newest version Managers are given the rights to establish special UCIs like hedge funds. The new law of UCI is very advanced compared with the old one. Before entry into force Managers and the Government expected that the new regulation will make Lithuania the new Luxembourg in the field of the investment vehicles, such as UCIs, but right after the law came into force a new version of the legislature was already being prepared and also the fact that only one new UCI was registered and functioning showed that the system was in need of further correcting and was not working as planned. For example it is not possible to register immovable property in the name of the UCI. The conservative attitude of the Securities Commission also stands in the way of establishing hedge funds that would be competitive with UCIs established in Luxembourg. Although the positive expectations did not come true, there is still hope that positive changes will take place when the amendment comes into force. The other form of investment management, which is examined in this paper, is portfolio management. The services of portfolio management are quite new and rare in Lithuania. For this reason the regulation of relationship between Managers, clients and third parties (usually banks) is limited to the very minimum. Although most of the questions are left for the parties to decide, some specific situations (e.g. concerning the investor's rights) are in need of the clarification by the supervising authorities (The Securities Commission). The need for the clarifications is very desirable in the context of managing a private portfolio. Especially clarification of what rights do the Managers have, when the parties (banks and Managers) cannot agree whether the relationship between the client and the Manager is based on trust or agency. According to the research done in this paper the relationship between the Manager and the client should be based on trust law. Trust gives the needed balance of interests for both Managers and clients, because it allows managing the Portfolio effectively and protects the investor's rights as well.

SUMMARY Collective Security: Theory and Practice The origins of collective security are found in the theories of "eternal peace", and the first time in practice collective security have been realized in XIX century. Traditional conception defines collective security as universal or regional system, which is created to react collectively in the situation when one of the member states is attacked by other member. At present universal collective security system is realized through United Nations. The main purpose of United Nations is to maintain international peace and security. Collective security is one of the ways to maintain international peace and security. The mechanism of collective security is invoked to deal with situations, which are threats to the peace, acts of aggression or other breaches of the peace. Traditionally collective security was orientated to deal with situations, which involved the use of force. However in practice this has been modified. UN Security Council enjoys wide discretion – it can decide which situations should be regarded as threats to the peace, acts of aggression or other breaches of the peace. As the practice shows Security Council had invoked and decided to use collective measures also in situations which involved not only the use of force. Security Council decides which collective security measures should be used in order to maintain international peace and security. In practice Security Council developed and used great variety of collective measures – embargo, limitations of international travels, prohibitions of certain financial operations, military enforcement actions and etc. Modern mechanism of collective security is characterized by decentralization; military resources are given on ad hoc basis, therefore it strongly depends on member states' solidarity and willingness to act. The newest tendencies suggest modifying collective security. It is suggested that poverty, epidemics, serious environmental problems should be regarded as "threat to peace" and therefore those situations should be dealt through the measures of collective security. International law experts point to the risk that the extended conception of collective security could negatively affect the sovereignty of member states. For example, there might be the increased number of interventions to states through the boarder understanding of collective security. However at present day neither the doctrine, nor the opinio juris of states fully supports such a broad interpretation of collective security.

SUMMARY Collective Security: Theory and Practice The origins of collective security are found in the theories of "eternal peace", and the first time in practice collective security have been realized in XIX century. Traditional conception defines collective security as universal or regional system, which is created to react collectively in the situation when one of the member states is attacked by other member. At present universal collective security system is realized through United Nations. The main purpose of United Nations is to maintain international peace and security. Collective security is one of the ways to maintain international peace and security. The mechanism of collective security is invoked to deal with situations, which are threats to the peace, acts of aggression or other breaches of the peace. Traditionally collective security was orientated to deal with situations, which involved the use of force. However in practice this has been modified. UN Security Council enjoys wide discretion – it can decide which situations should be regarded as threats to the peace, acts of aggression or other breaches of the peace. As the practice shows Security Council had invoked and decided to use collective measures also in situations which involved not only the use of force. Security Council decides which collective security measures should be used in order to maintain international peace and security. In practice Security Council developed and used great variety of collective measures – embargo, limitations of international travels, prohibitions of certain financial operations, military enforcement actions and etc. Modern mechanism of collective security is characterized by decentralization; military resources are given on ad hoc basis, therefore it strongly depends on member states' solidarity and willingness to act. The newest tendencies suggest modifying collective security. It is suggested that poverty, epidemics, serious environmental problems should be regarded as "threat to peace" and therefore those situations should be dealt through the measures of collective security. International law experts point to the risk that the extended conception of collective security could negatively affect the sovereignty of member states. For example, there might be the increased number of interventions to states through the boarder understanding of collective security. However at present day neither the doctrine, nor the opinio juris of states fully supports such a broad interpretation of collective security.

This master thesis examines the peculiarities of the collective bargaining and the collective bargaining agreements above enterprise level. While going into the attributes of collective bargaining at the European Union and national levels, it is aimed at revealing the significance of higher-level collective bargaining when building labor legal relationships. When summarizing the main attributes of collective bargaining, peculiarities of higher-level collective bargaining are singled out. Based on the conception of social partnership and principles inherent to this institute, this work focuses on collective bargaining regarding conclusion of national, branch and territorial collective agreements. When exploring the conception and content of collective agreements, it aimed at disclosing the specifics of higher-level collective agreements as a corollary of successful collective bargaining. Higher-level collective agreements are being analyzed based on the features common to all collective agreements, while emphasizing the peculiarities inherent to collective agreements of this level only that are entrenched in international and national legislative acts. Based on the sources currently establishing collective relationships, attention is drawn to the changes of regulation of collective agreements in Lithuania. Considering the significance of collective relationships in contemporary social and economic life, theoretical and practical aspects of higher-level collective negotiations regarding conclusion of collective agreements in labor law of Lithuania are being examined. The purpose is to reveal how social partners use their rights and implement the possibility to improve the labor legal relationships, when concluding higher-level collective agreements. Collective bargaining regarding conclusion of collective agreements, holding a particularly important position in regulation of labor relationships, in practice are more often implemented at the enterprise level. It is noteworthy that in Lithuania higher-level collective bargaining regarding conclusion of collective agreements is rare. Shallow traditions of Lithuania in collective relationships and sparse experience of social partners allow minimum discussions about higher-level collective relationships.

This master thesis examines the peculiarities of the collective bargaining and the collective bargaining agreements above enterprise level. While going into the attributes of collective bargaining at the European Union and national levels, it is aimed at revealing the significance of higher-level collective bargaining when building labor legal relationships. When summarizing the main attributes of collective bargaining, peculiarities of higher-level collective bargaining are singled out. Based on the conception of social partnership and principles inherent to this institute, this work focuses on collective bargaining regarding conclusion of national, branch and territorial collective agreements. When exploring the conception and content of collective agreements, it aimed at disclosing the specifics of higher-level collective agreements as a corollary of successful collective bargaining. Higher-level collective agreements are being analyzed based on the features common to all collective agreements, while emphasizing the peculiarities inherent to collective agreements of this level only that are entrenched in international and national legislative acts. Based on the sources currently establishing collective relationships, attention is drawn to the changes of regulation of collective agreements in Lithuania. Considering the significance of collective relationships in contemporary social and economic life, theoretical and practical aspects of higher-level collective negotiations regarding conclusion of collective agreements in labor law of Lithuania are being examined. The purpose is to reveal how social partners use their rights and implement the possibility to improve the labor legal relationships, when concluding higher-level collective agreements. Collective bargaining regarding conclusion of collective agreements, holding a particularly important position in regulation of labor relationships, in practice are more often implemented at the enterprise level. It is noteworthy that in Lithuania higher-level collective bargaining regarding conclusion of collective agreements is rare. Shallow traditions of Lithuania in collective relationships and sparse experience of social partners allow minimum discussions about higher-level collective relationships.