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ECONOMIE SOCIALE --- BOLIVIE --- FINANCEMENT --- ETAT --- CAPITALISME

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Since the rise of distance selling companies from 2015, which was accentuated with the coronavirus crisis, the VAT system was not at all adapted to the ways of doing business nowadays.
In July 2021, New VAT rules have been implemented by the European commission. These rules apply to all member state of Europe and have been implemented in order to achieve diverse goals such as the reduction of fraud, the end of unfair competition and the simplification of administrative formalities.
VAT fraud was a recurrent problem that caused heavy financial losses to all countries. According to a recent report published by the European Commission, EU member states experienced an estimated loss of 134 billion euros in value added tax revenue in 2019. Also, some of the rules needed to be redefined because it was leading to a legal loophole preventing companies from expanding internationally, which was obviously not the goal. Indeed, it gave a considerable advantage to companies located outside of the European Union and this led to unfair competition. Moreover, the administrative procedures were tedious and complex.
In a world in perpetual evolution and with the digitalization of the exchanges, these modifications were crucial and necessary. Through this work I tried to understand the impact of these changes on the different actors of distance selling, in particular the companies of remote sales and I also wanted to check if all the initial objectives had been met.
Through interviews, studies, and surveys, it has been possible to check the implications of the VAT package. The European Commission's survey on the evaluation of the new VAT rules after 6 months of application has revealed that all objectives have been successfully achieved. The analysis of the interviews revealed that the communication around these rules was not managed in an optimal way. The first few months after its implementation were complicated. It also emerged from the interview of the two dropshipping companies that it was difficult to find reliable sources of information. However, they both showed a particular interest in these rules.
Finally, it is clear that there are still some grey areas. However, it has already improved and further changes may be made in the near future thanks to the VAT in the digital Edge initiative.

TVA --- Vente à distance --- Sciences économiques & de gestion > Comptabilité & audit

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This dissertation provides a comprehensive analysis of the impacts of the COVID-19 pandemic on Belgium's passenger airline sector. It focuses on the financial performance of major entities such as Brussels Airlines, TUI Airlines Belgium, Brussels South Charleroi Airport, and Brussels Airport. Employing rigorous financial analysis and Altman's Z-score model, the study reveals significant pandemic-induced challenges faced by these companies, including liquidity, profitability, and strategic financial management. Key findings indicate varied degrees of impact and recovery, highlighting the need for adaptive and resilient management strategies in the post-COVID landscape. This research not only contributes to the academic understanding of crisis management in the airline industry but also offers practical insights for sector decision-makers, emphasizing the importance of informed and strategic planning for future resilience.

Sciences économiques & de gestion > Finance

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Valuation specialists are fully aware of the issue related to the illiquidity discount. Various studies and researches aimed at quantifying the effect of such a phenomenon have been performed in the United States. However, there is a lack of similar studies in the Belgian market.
The objective of this thesis is to examine the working practices used by Belgian professionals to estimate the effect of illiquidity in the context of non-listed SMEs. Our researches led to some findings. First, the confrontation of empirical studies performed in the United States and working practices used by Belgian specialists has proved complex. This is mainly explained by the fact that business valuation requires consideration of many factors. Therefore, the application of illiquidity discounts as reflected in these studies is not justifiable from an economic point of view. Second, a variety of approaches has been observed among the practitioners interviewed. Some prefer to rely on internal standards, while others tend to rely on their professional judgment. Furthermore, some specialists combine the above two approaches. These various ways of proceeding led to variable discounts.
The study results indicate that the determination of the illiquidity discount is imbued with subjectivity in the sense that there is no absolute truth. Therefore, the discount applied by a practitioner must invariably result from a detailed and reasoned analysis which allows him to justify its reasoning in a coherent way.
Finally, using different theoretical and empirical data, we estimated that the illiquidity discount applied in Belgium ranges between 20 and 30 %. This observation leads us to the conclusion that the illiquidity has a significant impact on the value of a non-listed company.

Valuation --- Non-listed company --- Illiquidity discount --- Sciences économiques & de gestion > Finance

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The objective of this paper is to provide an overview of the selected provisions of the Regulation
(EU) No 537/2014, more specifically about the extended audit report, the additional report to
audit committee and the far-reaching prohibition of NAS provided by auditors. The criteria for
evaluation of these provisions are the final adoption of the reform by the German legislator and
their impact on the quality of audit.
On the 17th of March 2016 the German Bundestag adopted the AReG and on the 3rd of
December 2015, the APAReG. These acts provided the transition of the directive into national
law and application of the derogations from the regulation. It caused much debate, as the
German legislator had to take a decision whether to exercise certain derogations, extend
particular provisions applicable explicitly for PIEs and make the applicable resolutions more
rigorous.
Applying the quantitative research based on the survey, findings on the deficiencies of the
German audit regulation before the reform were collected. Furthermore, the perception of audit
market participants on the matters influenced by the regulation, such as the informative function
of audit, the auditor’s independency and finally the audit quality were investigated. The last
approached concept was the overall impact of the regulation on the audit process in public
interest entities.
The findings showed that the sentiments of the practitioners are often divergent with the
viewpoints of the European regulator. The views of audit market participants seem to be
sceptical about the European legislator increasing the value and quality of audit by the means
of this reform.

audit --- audit reform --- audit report --- non-audit services --- regulation --- public interest entities --- german audit market --- Sciences économiques & de gestion > Comptabilité & audit