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References Arnold , J. ( 2008 ): Do Tax Structures Affect Aggregate Economic Growth? Empirical Evidence from a Panel of OECD Countries . OECD Economics

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The Hungarian tax system has undergone significant changes in recent years. The weight of labour taxes decreased by 3.3 percentage points, while the weight of consumption taxes increased by 3.7 percentage points between 2007 and 2012. This type of tax shift is not a country-specific one, but its rate is one of the largest in Europe. This study gives a brief overview of literature, followed by a presentation of the Hungarian tax structure in an international comparison, and a summary of the main changes of the tax system and relating measures, which entered into force after 2010. Then, in addition to the tax centralization indicators published by the Eurostat, an adjusted tax centralization indicator for the EU states is presented, which eliminates the tax component of public spending and transfers, takes into account the mandatory private pension contribution and compares the adjusted tax burden to the corresponding private tax base.

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collection and supporting growth. In this way, the efficiency of taxation and particularly the tax structure plays an important role in achieving economic growth and fiscal consolidation. The conventional economic theory predicts that taxation causes

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Risk captured through the volatility of stock markets stands as the essential concern for financial investors. The financial crisis of 2008 demonstrated that stock markets are highly integrated. Slovakia, Hungary and Poland went through identical centralist economic arrangement, but nowadays operate under diverse stock markets, monetary system and tax structure. The study aims to measure the risk level of the Slovak Stock Market (SAX index), Budapest Stock Exchange (BUX index) and Poland Stock Market (WIG20 index) based on the portfolio diversification model. Results of the study provide information on the diversification benefits generated when SAX, BUX and WIG20 join their stock markets. The study considers that each stock index represents an independent portfolio. Portfolios are built to stand on the available companies that are listed on each stock index from 2007 till 2017. The results of the study show that BUX generates the lowest risk and highest weighted average return. In contrast, SAX is the riskiest portfolio but generates the lowest weighted average return. The results find that the stock prices of BUX have larger positive correlation than the stock prices of SAX. Moreover, the highest diversification benefits are realized when Portfolio SAX joins Portfolio BUX and the lowest diversification benefits are achieved when SAX joins WIG20.

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): Dimensions of Tax Design . New York : Oxford University Press . European Commission ( 2014 ): Taxation Trends in the European Union . Eurostat Statistical Books 2014 http://ec.europa.eu/taxation_customs/taxation/gen_info/economic_analysis/tax_structures

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. Gordon , R. – Li , W. ( 2009 ): Tax Structures in Developing Countries: Many Puzzles and a Possible Explanation . Journal of Public Economics , 93 ( 7 ): 855 – 866

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): Taxation Trends in the European Union . Eurostat Statistical Books 2014 http://ec.europa.eu/taxation_customs/resources/documents/taxation/gen_info/economic_ analysis/tax_structures/2014/report.pdf, accessed 21

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König, T. - Wagener, A. (2012): Culture and Tax Structures. CESifo Working Paper Series No. 3748. Wagener A Culture and Tax Structures

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Journal 121 ( 550 ): F59 – F80 . 10.1111/j.1468-0297.2010.02415.x Atkinson , A. B. – Stiglitz , J. E . ( 1976 ): The Design of Tax Structure: Direct Versus Indirect Taxation . Journal of Public Economics 6 ( 1–2 ): 55 – 75 . 10

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