This article analyzes the clusters of similarities among EU member states before and during the recent financial and debt crisis, using variables from banking, taxation, government debt and deficit, and the Current Account of the Balance of Payment; our study follows the method of Multi-Sample Case of Cluster Analysis between and within groups of EU countries. Our findings show that the current economic crisis the EU is faced with is twofaceted and has arisen from the financial and banking sectors and from government debt. In this sense, problems have resulted from the credit policies of the national banking sectors and from national fiscal and budgetary controls. These two crisis facets are correlated and a new problem emerges concerning the fiscal similarities of European Monetary Union (EMU) countries and the necessity for a fiscal union or for common fiscal policies between them. The aim of this article is to help us understand that the current EU crisis is due to the lack of homogeneity in fiscal and financial polishes across the Union.

Purpose – The main purpose of this paper is the incorporation of life-cycle costs (LCC) and whole-life costing (WLC) method and the taxation environment into the investment appraisal procedure for commercial real property projects. Design/methodology/approach – The paper initially presents the methodologies of LCC and WLC together with the NPV measure for the evaluation of real estate investments. These methods are incorporated into a decision-making model using mathematical approaches. The model is applied to a typical commercial property project (office building) in order to explore the significance of impacts from changes in structured variables and the taxation environment by introducing direct, indirect and property taxes in the evaluation of commercial real estate projects. Findings – Testing of the methodology on the Greek economic environment revealed that time, cost, the tax regime, the financial variables of funding and the monetary and fiscal environment in a commercial real property project are the main variables of net present value (NPV) of the investment. Practical implications – From the calibration of any impact from affected variables, decision-making aiding tools can be extracted for controlling the project throughout its entire life-cycle. Originality/value – An integrated WLC mathematical model for the investment appraisal of commercial property projects is introduced. The herein proposed methodology contributes to taxation policy and real estate theory in general and assists industry professionals in effective commercial property management and decision-making.

The tax burden on wages, profits, property, and goods or services has a serious impact on crosscountry competiveness, something that, in turn, impinges strongly on the actual economy of common markets such as the European Union (EU). While the mobility of productive factors is directly related with country tax-regime differences, government budget funding from tax revenues and rates are the main fiscal policy tools. This article analyzes the trends, similarities and differences between the tax regimes of European Monetary Union (EMU) for the period from1995 to 2019. The methodologies we employ include time series analysis, regression analysis and multivariate cluster analysis. The data are mainly collected from the OECD database and tax revenue departments at country level. We argue that there are significant differences among the tax regimes of EU countries and that no policy has been implemented to ensure tax homogeneity across the EU, nor is there any likelihood of such. The anarchy in fiscal policy is an obstacle for the European Integration. Budget deficits have an impact on taxation and countries, invariably, manage the recent debt crisis by selecting different taxes as fiscal policy tools. Our article presents the differences between tax regimes of EMU countries and shows that the level of economic growth affects the structure of taxes at work and alters the performance of different types of taxes; is also wishes to explain the factors that differentiate tax regimes by using multi dimensional criteria and variance analysis. Our work contribute to the debate toward a common tax regime between EU countries and our analysis is concentrated on this.

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The present article reconciles the GAAP 3 to each other, which apply to accounting recording of fixed assets. It separates the fixed assets, from the side of buyer, as Own Used, Investments, and Inventories and integrates these types of assets into four main portfolio categories. It examines, what are the features to incorporate an element of fixed assets in these portfolios. It analyzes the accounting treatments for each portfolio transaction and the impact of any accounting entry to equity and profit and loss account. It presents the key accounting profitability metrics for any kind of fixed asset. The subject of the article focuses on land and buildings as main part of the total fixed assets of a company. It discusses the influence of taxations and other expenditures at purchase time on the cost and tries to establish a purchase price allocation method for property acquisition. It describes the accounting entries for the revenues, expenses and valuations per portfolio. It makes a comparative analysis between Greek GAAP, IFRS 4 and U.S GAAP for accounting treatments of fixed assets. Finally, it uses the framework of Greek Real Estate Market as experimental setting where the principles of Historic Cost and Fair Value Accounting can be compared. The contribution of this article is that it surveys from a critical perspective, principles, literature and the practice about all the above issues, and presents from accounting point of view a way to managing and monitoring real estate investments.