2. IDEA I FUNKCJONOWANIE PODATKU OD WARTOŚCI DODANEJ
2.1. Historia i koncepcja podatku od wartości dodanej
2ERZLą]XMąF\Z3ROVFHSRGDWHNRGZDUWRĞFLGRGDQHMDQJWKHYDOXHDGGHGWD[, IUODWD[HVXUODYDOHXUDMRXWpH, niem. 0HKUZHUWVWHXHUZáO¶LPSRVWDVXOYDORUH
DJJLXQWR, hiszp. HOLPSXHVWRVREUHHOYDORUDxDGLGRMHVWSRZV]HFKQ\PZV]HFK
ID]RZ\PSRGDWNLHPREURWRZ\PR FKDUDNWHU]HNRQVXPSF\MQ\P+LVWRULDWHJR
SRGDWNXV]F]HJyOQLHZSRUyZQDQLX]LQQ\PLSRGDWNDPLREURWRZ\PL
QLHMHVW
GáXJDMHJRNRQFHSFMDSRMDZLáDVLĊERZLHPGRSLHURQDSRF]ąWNX;;Z8VWDOH
QLHDXWRUDWHMNRQFHSFMLQLHMHVWSURVWHL]DOHĪ\RGĨUyGáDLQIRUPDFML1LHNWyU]\
WZLHUG]ąĪHNRQFHSFMĊWĊVWZRU]\á:LOKHOPYRQ6LHPHQVDUR]SURSDJRZDáMHJR
PáRGV]\EUDW&DUO)ULHGULFKYRQ6LHPHQVG]LĊNLRSXEOLNRZDQLXZUNVLąĪNL
]DW\WXáRZDQHM9HUHGHOWH8PVDW]VWHXHU
3RGDWHNWHQE\áSU]H]EUDFLWUDNWRZDQ\
MDNRVSRVyEQDXGRVNRQDOHQLHRERZLą]XMąFHJRZWDPW\PF]DVLHZ1LHPF]HFK
SRGDWNX NDVNDGRZHJR -DPHV V ,QQL SU]\SLVXMą NRQFHSFMĊ DPHU\
NDĔVNLHPX HNRQRPLĞFLH R QD]ZLVNX 7KRPDV 6$GDPV NWyU\ PLĊG]\
DSURSRQRZDáPHWRGĊIDNWXURZąSRGDWNXRGZDUWRĞFLGRGDQHMMDNR
DOWHUQDW\ZĊ GR RSRGDWNRZDQLD GRFKRGX ] G]LDáDOQRĞFL JRVSRGDUF]HM EXVLQHVV
LQFRPHWD[DWLRQ-DPHVV
3LHUZV]ąQLHXGDQąSUyEĊQDáRĪHQLDSRGDWNXRGZDUWRĞFLGRGDQHMSRGMĊá\6WD
Q\=MHGQRF]RQHNLONDODWSRGUXJLHMZRMQLHĞZLDWRZHMQDWHU\WRULXPRNXSRZDQHM
3RGDWNLREURWRZHE\á\]QDQHZVWDURĪ\WQHM*UHFMLF]\&HVDUVWZLH5]\PVNLP
7\WXáWHMNVLąĪNLPRĪQDSU]HWáXPDF]\üMDNRÄ8V]ODFKHWQLRQ\SRGDWHNREURWRZ\´
-DSRQLL
$NWSUDZQ\UHJXOXMąF\WHQSRGDWHN]RVWDáXFKZDORQ\ZUDOH
MHJRZHMĞFLHZĪ\FLHNLONDNURWQLHRGNáDGDQRGRF]DVXDĪZU]RVWDáXFK\
ORQ\ 2VWDWHF]QLH SRGDWHN WHQ Z -DSRQLL ]RVWDá XFKZDORQ\ ZLHOH ODW SyĨQLHM ± GRSLHURZU±DZV]HGáZĪ\FLHZU
1DMF]ĊĞFLHM]DSLHUZV]HSDĔVWZRZNWyU\PZSURZDG]RQRSRGDWHNRGZDUWR
ĞFLGRGDQHMX]QDMHVLĊ)UDQFMĊ
LSU]\MPXMHVLĊĪHVWDáRVLĊWRZU.RPDU
V6PROHĔV:W\PF]DVLHQLHPLDáRQMHGQDNFKDUDNWHUX
SRZV]HFKQHJRJG\ĪREHMPRZDáZ\áąF]QLHG]LDáDOQRĞüSURGXNF\MQą(XURSHDQ
&RPPLVVLRQ 2(&' V 3RGDWHN RG ZDUWRĞFL GRGDQHM RERZLą]XMąF\
ZH)UDQFMLREMąáVSU]HGDĪGHWDOLF]QąGRSLHURZU3LHUZV]\PSDĔVWZHP
Z NWyU\P ZSURZDG]RQR SRZV]HFKQ\ SRGDWHN FKRü SRF]ąWNRZR QLH REHMPR
ZDá RQ QLHNWyU\FK XVáXJ E\áD 'DQLD D VWDáR VLĊ WR Z U -DPHV
V:(XURSLH]ZLĊNV]DMąFDVLĊOLF]EDSDĔVWZZNWyU\FKRERZLą]\ZDáSRGD
WHNRGZDUWRĞFLGRGDQHMZ\QLNDáD]WHQGHQFMLGRKDUPRQL]DFMLRSRGDWNRZDQLD
. 3RWU]HED XQL¿NDFML V\VWHPX SRGDWNRZHJR SRMDZLáD VLĊ ZUD] ] SRGSLVDQLHP
PDUFD U Z 5]\PLH WUDNWDWX XVWDQDZLDMąFHJR (XURSHMVNą :VSyOQRWĊ
*RVSRGDUF]ą NWyUHJR FHOHP E\áR XWZRU]HQLH ZVSyOQHJR U\QNX RUD] VWRSQLR
ZH XMHGQROLFHQLH SROLW\NL JRVSRGDUF]HM SDĔVWZ F]áRQNRZVNLFK ']LREHN5R
PDĔVNLL%DUF]HZVND']LREHNV6]F]HJyOQąUROĊGODNRQVWUXNFML
SRGDWNXRGZDUWRĞFLGRGDQHMRGJU\ZDá\G\UHNW\Z\3LHUZV]DG\UHNW\ZD5DG\
]NZLHWQLDUZVSUDZLHKDUPRQL]DFMLSU]HSLVyZSDĔVWZF]áRQNRZVNLFK
Z]DNUHVLHSRGDWNyZREURWRZ\FK]RERZLą]\ZDáDSDĔVWZDF]áRQNRZVNLHGR]D
VWąSLHQLDVZRLFKV\VWHPyZSRGDWNyZREURWRZ\FKZVSyOQ\PV\VWHPHPSRGDW
NXRGZDUWRĞFLGRGDQHMNWyU\PLDáVWDQRZLüSRZV]HFKQ\SRGDWHNREFLąĪDMąF\
NRQVXPSFMĊ SURSRUFMRQDOQ\ GR FHQ\ WRZDUyZ L XVáXJ QLH]DOHĪQLH RG OLF]E\
WUDQVDNFML((&
3U]HáRP Z G]LHG]LQLH KDUPRQL]DFML SRGDWNX RG ZDUWRĞFL GRGDQHM VWDQRZL
áD 6]yVWD '\UHNW\ZD 5DG\ ] PDMD U Z VSUDZLH KDUPRQL]DFML SU]HSL
VyZ SDĔVWZ F]áRQNRZVNLFK GRW\F]ąF\FK SRGDWNyZ REURWRZ\FK .RPDU
V8VWDQDZLDáDRQDZVSyOQ\V\VWHPSRGDWNXRGZDUWRĞFLGRGDQHMDZV]F]H
JyOQRĞFL XMHGQROLFRQą SRGVWDZĊ RSRGDWNRZDQLD ((& 2G VW\F]QLD
U ]RVWDáD ]DVWąSLRQD '\UHNW\Zą :( 5DG\ ] GQLD OLVWRSDGD
UZVSUDZLHZVSyOQHJRV\VWHPXSRGDWNXRGZDUWRĞFLGRGDQHM2ELHZ\
PLHQLRQHG\UHNW\Z\GRĞüV]F]HJyáRZRUHJXOXMąNRQVWUXNFMĊSRGDWNXRGZDUWRĞFL
GRGDQHMQLHSR]RVWDZLDMąFSDĔVWZRPF]áRQNRZVNLP]E\WZLHOHVZRERG\Z]D
NUHVLHNV]WDáWRZDQLDSRV]F]HJyOQ\FKHOHPHQWyZWHFKQLNLSRGDWNRZHM
.XOLV\SU]HEXGRZ\V\VWHPXSRGDWNRZHJRZ-DSRQLLPRĪQD]QDOHĨüZRSUDFRZDQLXDXWRU
VWZD6KRXSDNWyU\E\á]DWĊUHIRUPĊRGSRZLHG]LDOQ\
,VWRWQąUROĊZHZGURĪHQLXSRGDWNXRGZDUWRĞFLGRGDQHMZH)UDQFMLRGHJUDá0DXULFH/DXUp
%DUG]LHM V]F]HJyáRZ\ RSLV SURFHVX KDUPRQL]DFML V\VWHPyZ SRGDWNRZ\FK Z (XURSLH
SU]HGVWDZLD.RPDURUD]3RPRUVND6]RáQR.RJXFL:yMWRZLF]
+LVWRULDLNRQFHSFMDSRGDWNXRGZDUWRĞFLGRGDQHM
:3ROVFHSRGDWHNRGZDUWRĞFLGRGDQHM]RVWDáQDáRĪRQ\XVWDZą]GQLDVW\F]
QLDURSRGDWNXRGWRZDUyZLXVáXJRUD]RSRGDWNXDNF\]RZ\P']8
QUSR]NWyUDZHV]áDZĪ\FLHOLSFDU3RGDWHNWHQ]DVWąSLá
RERZLą]XMąF\ ZF]HĞQLHM SRGDWHN REURWRZ\ NWyU\ Z RGQLHVLHQLX GR MHGQRVWHN
JRVSRGDUNLXVSRáHF]QLRQHMPLDáFKDUDNWHUMHGQRID]RZ\DZRGQLHVLHQLXGRMHG
QRVWHN JRVSRGDUNL QLHXVSRáHF]QLRQHM E\á ZLHORID]RZ\P SRGDWNLHP RG REURWX
EUXWWR$NWXDOQLHSRGDWHNRGZDUWRĞFLGRGDQHMRERZLą]XMąF\Z3ROVFHUHJXOXMH
XVWDZD ] GQLD PDUFD U R SRGDWNX RG WRZDUyZ L XVáXJ ']8
QUSR]]SyĨQ]P
3RGDWHN RG ZDUWRĞFL GRGDQHM MHVW QDMV]\EFLHM UR]SU]HVWU]HQLDMąF\P VLĊ
ZRVWDWQLFKG]LHVLĊFLROHFLDFKSRGDWNLHPQDĞZLHFLH
'RVW\F]QLDUDĪ
SDĔVWZLWHU\WRULyZZSURZDG]LáRWHQSRGDWHN2(&'VLQLH
MHVWWRNRQLHFWHMVSHNWDNXODUQHMSUROLIHUDFML
3DĔVWZZNWyU\FKQLHRERZLą]XMH
WHQSRGDWHNMHVWFRUD]PQLHMFKRüQDOHĪ\SRGNUHĞOLüĪHVąZĞUyGQLFK6WDQ\
=MHGQRF]RQH
.
3RGDWHNRGZDUWRĞFLGRGDQHMQDJUXQFLHWHRUHW\F]Q\PQLHMHVWSRMĊFLHPMHG
QR]QDF]Q\P:]DOHĪQRĞFLRGSU]\MĊWHMNRQVWUXNFMLZW\PZV]F]HJyOQRĞFLRG
VSRVREXGH¿QLRZDQLDSU]HGPLRWXRSRGDWNRZDQLDF]\PHWRGREOLF]DQLDSRGDW
NXPRĪHRQE\üX]QDQ\DOER]DURG]DMSRGDWNXGRFKRGRZHJRDOER]DURG]DM
SRGDWNXNRQVXPSF\MQHJR=UR]XPLHQLXLVWRW\SRGDWNXRERZLą]XMąFHJRZ3RO
VFHPRĪHSRPyFSU]HJOąGREHMPXMąF\DOWHUQDW\ZQHSRGHMĞFLDGRRSRGDWNRZD
QLDZDUWRĞFLGRGDQHM
:FHOXXND]DQLDUyĪQLFPLĊG]\VSRVREDPLGH¿QLRZDQLDSU]HGPLRWXRSRGDW
NRZDQLD QD VFKHPDFLH SU]HGVWDZLRQR SU]\NáDG SU]HSá\ZyZ Z JRVSRGDUFH
=RVWDá RQ RSDUW\ QD QDVWĊSXMąF\FK ]DáRĪHQLDFK MHVW WR JRVSRGDUND ]DPNQLĊWD
EH]VHNWRUDSXEOLF]QHJRDPRUW\]DFMĊWUDNWXMHVLĊMDNRRV]F]ĊGQRĞFLQLHQDOHĪąFH
GRF]\QQLNyZSURGXNFML]\VNLSU]HGVLĊELRUVWZVąZFDáRĞFLZ\SáDFDQHZáDĞFL
FLHORPDRGVHWNL]RVWDá\SRPLQLĊWH6FKHQNL2OGPDQV
6FKHPDW XáDWZLD Z\UyĪQLHQLH WU]HFK W\SyZ SRGDWNX RG ZDUWRĞFL GRGD
QHM 3LHUZV]\ JG\ SU]HGPLRWHP RSRGDWNRZDQLD MHVW SURGXNFMD GUXJL JG\
SU]HGPLRWHP RSRGDWNRZDQLD MHVW GRFKyG L WU]HFL JG\ SU]HGPLRWHP RSRGDW
NRZDQLD MHVW NRQVXPSFMD : W\SLH SURGXNF\MQ\P SRGVWDZą RSRGDWNRZDQLD
*RW].R]LHUNLHZLF]VSU]\UyZQXMHSRGDWHNRGZDUWRĞFLGRGDQHMGRNDWDUXNWy
U\UyZQLHĪV]\ENRVLĊUR]SU]HVWU]HQLD
VW\F]QLDUGRSDĔVWZQDNáDGDMąF\FKSRGDWHNRGZDUWRĞFLGRGDQHMGRáąF]\á\$UDELD
6DXG\MVNDL=MHGQRF]RQH(PLUDW\$UDEVNLH
&]DVDPLMDNRX]DVDGQLHQLHG\QDPLF]QHMSUROLIHUDFMLSRGDWNXRGZDUWRĞFLGRGDQHMSRGDMHVLĊ FKĊü ]\VNDQLD SU]HZDJL Z KDQGOX PLĊG]\QDURGRZ\P SU]H] SDĔVWZD NWyUH GHF\GXMą VLĊ
QD MHJR ZGURĪHQLH 3RJOąG ]JRGQLH ] NWyU\P SRGDWHN RG ZDUWRĞFL GRGDQHM SR]ZDOD WDNą
SU]HZDJĊX]\VNDüMHVWMHGQDNNZHVWLRQRZDQ\JG\ĪSRGDWHNWHQGHIDFWRQLHZVSLHUDNRQ
NXUHQF\MQRĞFLPLĊG]\QDURGRZHMDQLMHMQLHSU]HV]NDG]D)HOGVWHLQL.UXJPDQV
6OHPURG
,GHDLIXQNFMRQRZDQLHSRGDWNXRGZDUWRĞFLGRGDQHM
Otrzymujący dochody
25 płace 2 renty
3 zyski kapitałowe
Wydatkujący dochody GOSPODARSTWA DOMOWE
Dochód do dyspozycji
Konsumpcja
gospodarstw domowych Oszczędności gospodarstw
domowych rynek
PRACA KAPITAŁ ZIEMIA
Dochód osobisty
Oszczędności krajowe
brutto
Dobra finalne detaliczne
Sprzedaż dóbr konsumpcyjnych
Firma II Firma III
Firma I Półprodukty
Dobra kapitałowe
Oszczędności wykorzystane przez Firmę II do sfinansowania
zakupu maszyn od Firmy I
dla czynników produkcji dla czynników produkcji dla czynników produkcji
15 płace 1 renty 4 zyski amortyzacja
PNB
10 płace 3 renty
2 zyski kapitałowe brutto (–1 amortyzacja)
64 PNN
64 8
zyski
6 renty 50
płace
30
15
20 30
20 14
65
1
20
20 45
45
19 64
15
6FKHPDW3U]HSá\Z\ZJRVSRGDUFHDSU]HGPLRWRSRGDWNRZDQLDZSRGDWNXRGZDUWRĞFLGRGDQHM
ħUyGáR]D6FKHQNL2OGPDQV
>@
Z NROHMQ\FK SU]HGVLĊELRUVWZDFK MHVW ZDUWRĞü RGSRZLDGDMąFD SURGXNWRZL NUD
MRZHPXEUXWWRF]\OLZSU]HGVLĊELRUVWZLHSLHUZV]\PGUXJLPDWU]HFLP
FR GDMH áąF]QLH .ZRW\ WH Z\QLNDMą ] VXP\ Z\QDJURG]HĔ GOD F]\QQL
NyZ SURGXNFML ]DDQJDĪRZDQ\FK Z SU]HGVLĊELRUVWZDFK SU]\ F]\P XVWDODMąF
ZDUWRĞü]\VNyZQLHRGOLF]DVLĊDPRUW\]DFML
$PRUW\]DFMDGyEUNDSLWDáRZ\FK
SRPQLHMV]DSRGVWDZĊRSRGDWNRZDQLDZW\SLHGUXJLPSRGDWNXRGZDUWRĞFLGR
GDQHMJG\SU]HGPLRWHPRSRGDWNRZDQLDMHVWGRFKyG3RGVWDZDRSRGDWNRZDQLD
GOD WHJR W\SX SRGDWNX Z SRUyZQDQLX ] W\SHP SLHUZV]\P MHVW QLĪV]D W\ONR
ZSU]HGVLĊELRUVWZLHGUXJLPLZ\QRVL5yĪQLFDZ\QRV]ąFDZ\QLND]DPRU
W\]DFMLàąF]QDSRGVWDZDRSRGDWNRZDQLDGODZV]\VWNLFKSU]HGVLĊELRUVWZZW\
SLHGUXJLPMHVWUyZQD
: W\SLH WU]HFLP SRGDWNX ]D SU]HGPLRW RSRGDWNRZDQLD SU]\MPXMH VLĊ NRQ
VXPSFMĊ 3RQLHZDĪ ]JRGQLH ]H VFKHPDWHP SRGPLRW GUXJL GRNRQDá ]DNXSX
GyEUNDSLWDáRZ\FK]DNZRWĊGODWHJRMHJRSRGVWDZDRSRGDWNRZDQLDZSR
UyZQDQLX]SRGDWNLHPW\SXGRFKRGRZHJRMHVWQLĪV]DRWĊNZRWĊLZ\QRVL±
àąF]QDZDUWRĞüSRGVWDZ\RSRGDWNRZDQLDWU]HFKSU]HGVLĊELRUVWZMHVWUyZQD
3U]\MHMREOLF]DQLXXZ]JOĊGQLDP\UyZQLHĪXMHPQąSRGVWDZĊRSRGDWNRZDQLDGOD
SU]HGVLĊELRUVWZDGUXJLHJRNWyUH]W\WXáXGRNRQDQ\FKLQZHVW\FMLPRĪHOLF]\üQD
]ZURWSRGDWNX
.
:DUWRZW\PPLHMVFX]ZUyFLüUyZQLHĪXZDJĊQDIDNWĪHSRGDWHNRGZDUWRĞFL
GRGDQHM SU]\ ]DáRĪHQLX W\SX NRQVXPSF\MQHJR PRĪH VWDQRZLü DOWHUQDW\ZĊ GOD
SRGDWNXRGVSU]HGDĪ\GHWDOLF]QHMDSRGDWHNRGZDUWRĞFLGRGDQHMW\SXGRFKR
GRZHJR VWDQRZL ]DVDGQLF]R U]HF] XMPXMąF DOWHUQDW\ZĊ GOD SURSRUFMRQDOQHJR
SRGDWNXGRFKRGRZHJRQDNáDGDQHJRQDGRFKyGZV]\VWNLFKF]\QQLNyZSURGXN
FMLRF]\ZLĞFLHSU]\]DáRĪHQLXĪHDPRUW\]DFMDSRPQLHMV]DSRGVWDZĊRSRGDWNR
ZDQLDGOD]\VNyZ
.
2SUyF]]UyĪQLFRZDQ\FKW\SyZSRGDWNXRGZDUWRĞFLGRGDQHMQDJUXQFLHWHR
UHW\F]Q\PPRĪQDGRGDWNRZRZ\UyĪQLüNLONDPHWRGXVWDODQLDZDUWRĞFL]RERZLą
]DQLDSRGDWNRZHJR0RJąRQHE\ü]DOLF]RQHGRMHGQHM]GZyFKNDWHJRULL
± PHWRG\WUDQVDNF\MQHFUHGLWVXEWUDFWLRQ9$7ZNWyU\FK]RERZLą]DQLHSR
GDWNRZHXVWDODVLĊQDSRGVWDZLHRSRGDWNRZDQ\FKWUDQVDNFMLRGOLF]DMąFRG
SRGDWNXQDOHĪQHJRZ\QLNDMąFHJR]HVSU]HGDĪ\RSRGDWNRZDQHMSRGDWHNQDOL
F]RQ\]ZLą]DQ\]]DNXSDPLZGDQHMID]LHREURWX
± PHWRG\UDFKXQNRZHDFFRXQWVEDVHG9$7ZNWyU\FK]RERZLą]DQLHSRGDW
NRZH XVWDOD VLĊ QD SRGVWDZLH NVLąJ UDFKXQNRZ\FK MDNR LORF]\Q SRGVWDZ\
RSRGDWNRZDQLDZDUWRĞFLGRGDQHMLVWDZNLSRGDWNRZHM
:DUWRĞüGRGDQDQLHSRZLQQDE\üXWRĪVDPLDQD]PDUĪą
8]\VNDQLHSRGREQ\FKNRQVHNZHQFMLQDJUXQFLHSRGDWNyZGRFKRGRZ\FKRERZLą]XMąF\FK
Z3ROVFHE\áRE\QLHPRĪOLZH
:W\PGUXJLPZ\SDGNXUyĪQLFDPRĪHVLĊSRMDZLüQDSU]\NáDGZyZF]DVJG\ZNWyU\PĞ
SU]HGVLĊELRUVWZLHZ\VWąSLąVWUDW\
,GHDLIXQNFMRQRZDQLHSRGDWNXRGZDUWRĞFLGRGDQHM
:ĞUyG PHWRG WUDQVDNF\MQ\FK PRĪQD Z\UyĪQLü 6FKHQN L 2OGPDQ
V
± PHWRGĊIDNWXURZąFUHGLWLQYRLFH9$7
± PHWRGĊ RGOLF]HQLD EH] IDNWXU FUHGLWVXEWUDFWLRQ 9$7 WKDW GRHV QRW UHO\
RQ9$7LQYRLFHV
:HGáXJPHWRG\IDNWXURZHMSRGDWHNMHVWREOLF]DQ\ZZLĊNV]RĞFLSDĔVWZQD
ĞZLHFLHZW\PZ(XURSLHDZV]F]HJyOQRĞFLZ3ROVFH:WHMPHWRG]LHSRGDWHN
XVWDODVLĊ]DVDGQLF]RU]HF]XMPXMąFQDSRGVWDZLHGDQ\FK]DZDUW\FKQDIDNWX
UDFKVSU]HGDĪ\LIDNWXUDFK]DNXSX1DW\FKSLHUZV]\FK]QDMGXMHVLĊLQIRUPDFMD
RW]ZSRGDWNXQDOHĪQ\PQDW\FKGUXJLFKRW]ZSRGDWNXQDOLF]RQ\P=RERZLą
]DQLHSRGDWNRZHSU]HGVLĊELRUF\Z\QLND]UyĪQLF\PLĊG]\SRGDWNLHPQDOHĪQ\P
DSRGDWNLHPQDOLF]RQ\P3RGDWHNQDOHĪQ\XVWDODVLĊPQRĪąFZDUWRĞüVSU]HGDĪ\
RSRGDWNRZDQHMQHWWRSU]H]VWDZNĊ3RGDWHNQDOLF]RQ\Z\QLNDQDWRPLDVW]RSR
GDWNRZDQ\FK]DNXSyZRUD]LPSRUWX3RGVWDZąGRRGOLF]HQLDSRGDWNXQDOLF]R
QHJRVąNZRW\WHJRSRGDWNX]QDMGXMąFHVLĊQDIDNWXUDFK]DNXSRZ\FKOXEGR
NXPHQWDFKLPSRUWRZ\FK-HĪHOLGRVWDZFąMHVWSRGDWQLNNWyU\XGRNXPHQWRZDá
WUDQVDNFMĊIDNWXUąZ\ND]XMąFSRGDWHNQDOHĪQ\WRQDE\ZFDSRGDWHNWHQEĊG]LH
PyJáSRWUDNWRZDüMDNRQDOLF]RQ\LJRRGOLF]\ü
.
:PHWRG]LHRGOLF]HQLDEH]IDNWXUSRGDWHNQDOHĪQ\REOLF]DQ\MHVWWDNVDPR
MDNZPHWRG]LHIDNWXURZHM'RRGOLF]HQLDSRGDWNXQDOLF]RQHJRQLHVąQDWRPLDVW
NRQLHF]QHIDNWXU\Z\VWDZLRQHSU]H]RSRGDWNRZDQ\FKSRGDWQLNyZ3RGDWHNQD
OLF]RQ\XVWDODVLĊQDSRGVWDZLHZDUWRĞFL]DNXSyZLZDUWRĞFLLPSRUWXZ\UDĪR
Q\FKZFHQDFKEUXWWR.DONXOXMąFNZRWĊSRGDWNXSRGOHJDMąFąRGOLF]HQLXPQRĪ\
VLĊNZRWĊ]DNXSyZEUXWWRSU]H]VWDZNĊSRGDWNXSRG]LHORQąSU]H]VXPĊ
LVWDZNLSRGDWNX:WHMPHWRG]LHGRNRQXMąF]DNXSyZRGQLH]DUHMHVWURZDQ\FK
SRGDWQLNyZUyZQLHĪPRĪQDRGOLF]\üSRGDWHNQDOLF]RQ\3RGDWNXQDOLF]RQHJR
QLHRGOLF]DVLĊW\ONRSU]\]DNXSLHWRZDUyZLXVáXJ]ZROQLRQ\FK3RGDWHNZH
GáXJWHMPHWRG\MHVWXVWDODQ\Z-DSRQLL
,VWRWDSRV]F]HJyOQ\FKPHWRGXVWDODQLDSRGDWNXRGZDUWRĞFLGRGDQHM]RVWDáD
SU]HGVWDZLRQDZIRUPLHSU]\NáDGyZOLF]ERZ\FK:WDEHOLREOLF]RQR]RER
ZLą]DQLH SRGDWNRZH GOD RPyZLRQ\FK Z\ĪHM PHWRG WUDQVDNF\MQ\FK 'R REOL
F]HĔSU]\MĊWRĪHVWDZNDSRGDWNXZ\QRVL:REXPHWRGDFKWUDQVDNF\MQ\FK
SRGDWHNQDOHĪQ\XVWDODQ\MHVWMDNRZDUWRĞüQHWWRVSU]HGDĪ\SRPQRĪRQDSU]H]
VWDZNĊ=DNáDGDMąFĪHVSU]HGDĪQHWWRZ\QRVLMHGQRVWHNSLHQLĊĪQ\FK
SRGDWHN QDOHĪQ\ PD ZDUWRĞü MS : PHWRG]LH IDNWXURZHM ZSá\Z QD
XVWDOHQLHZDUWRĞFLSRGDWNXQDOLF]RQHJRPDVWUXNWXUD]DNXSyZ1DE\ZFDG\V
SRQXMH GRNXPHQWDPL ] NWyU\FK Z\QLND LOH Z\QRVL SRGDWHN QDOLF]RQ\ ]ZLą
]DQ\ ] GDQą WUDQVDNFMą =DGDQLHP SRGDWQLND MHVW ]VXPRZDQLH NZRW SRGDWNX
1DJUXQFLHSUDZQ\PSUREOHPMHVW]GHF\GRZDQLHEDUG]LHMVNRPSOLNRZDQ\RF]\PSLV]H
ZV]F]HJyOQRĞFL0RG]HOHZVNL
+LVWRULDLNRQFHSFMDSRGDWNXRGZDUWRĞFLGRGDQHM
Z\QLNDMąF\FK]W\FKGRNXPHQWyZ:SU]\NáDG]LHSRGDWHNQDOLF]RQ\VWDQRZL
VXPĊGZyFKNZRWLMSFRZ\QRVLMS2EOLF]DMąFSRGDWHN
QDOLF]RQ\QLHXZ]JOĊGQLDVLĊ]DNXSyZRG]ZROQLRQ\FKPLNURSU]HGVLĊELRUFyZ
JG\ĪQDGRNXPHQWDFKRGQLFKSRGDWHNQLH]RVWDQLHZ\ND]DQ\:PHWRG]LHRG
OLF]HĔSRGDWNXQDOLF]RQHJREH]IDNWXUSRGDWHNQDOHĪQ\MHVWXVWDODQ\WDNVDPR
MDNZPHWRG]LHIDNWXURZHM5yĪQLFDGRW\F]\VSRVREXXVWDODQLDSRGDWNXQDOL
F]RQHJR:W\PZ\SDGNXVSU]HGDZF\QLHPDMąRERZLą]NXZ\VWDZLDQLDIDNWXU
QDNWyU\FK]QDMGXMHVLĊLQIRUPDFMDRZDUWRĞFLSRGDWNX1DE\ZFDZLHLOHPXVL
]DSáDFLüGRVWDZF\DOHQLHZLHMDNDF]ĊĞüWHMNZRW\WRSRGDWHN8VWDODMąFZDU
WRĞüSRGDWNXQDOLF]RQHJRQDE\ZFDVXPXMHZDUWRĞüEUXWWR]DNXSyZZGDQ\P
RNUHVLHLPQRĪ\MHSU]H]VWDZNĊSRGDWNRZą3RQLHZDĪSRGDWHNQDOLF]RQ\MHVW
XVWDODQ\RGNZRW\EUXWWRZLĊFVWDZNĊREOLF]DVLĊMDNRFRGDMH
6XPD ZDUWRĞFL EUXWWR ]DNXSyZ Z REX PHWRGDFK Z\QRVL MS
DOHZDUWRĞüSRGDWNXQDOLF]RQHJRZPHWRG]LHEH]IDNWXUMHVWZ\ĪV]DJG\ĪRE
OLF]DMąF SRGDWHN QDOLF]RQ\ XZ]JOĊGQLD VLĊ UyZQLHĪ ]DNXS\ RG ]ZROQLRQ\FK
PLNURSU]HGVLĊELRUFyZ=WHJRSRZRGXZDUWRĞü]RERZLą]DQLDSRGDWNRZHJRGOD
PHWRG\IDNWXURZHMMHVWZ\ĪV]D
$OWHUQDW\Zą GOD PHWRG WUDQVDNF\MQ\FK Vą PHWRG\ UDFKXQNRZH ZĞUyG NWy
U\FKPRĪQDZ\UyĪQLü6FKHQNL2OGPDQV
± PHWRGĊRGHMPRZDQLDRGVSU]HGDĪ\VDOHVVXEWUDFWLRQ9$7
± PHWRGĊGRGDZDQLDDGGLWLRQPHWKRG9$7
:PHWRG]LHRGHMPRZDQLDRGVSU]HGDĪ\]RERZLą]DQLHSRGDWNRZHMHVWXVWD
ODQHMDNRLORF]\QSRGVWDZ\RSRGDWNRZDQLDLVWDZNL3RGVWDZĊZGDQ\PRNUHVLH
VWDQRZL UyĪQLFD PLĊG]\ RSRGDWNRZDQą VSU]HGDĪą D RSRGDWNRZDQ\PL ]DNXSD
PL8VWDOHQLHSRGVWDZ\Z\PDJDSURZDG]HQLDHZLGHQFMLXPRĪOLZLDMąFHMNDONX
7DEHOD8VWDODQLH]RERZLą]DQLDSRGDWNRZHJRZHGáXJPHWRGWUDQVDNF\MQ\FK :\V]F]HJyOQLHQLH 0HWRGDIDNWXURZD 0HWRGDRGOLF]HQLD
EH]IDNWXU
QHWWR SRGDWHN EUXWWR QHWWR SRGDWHN EUXWWR 6SU]HGDĪRSRGDWNRZDQD
=DNXS\
]DNXS\RGRSRGDWNRZDQ\FK
GRVWDZFyZNUDMRZ\FK
RSRGDWNRZDQ\LPSRUW
]DNXS\RG]ZROQLRQ\FK
PLNURSU]HGVLĊELRUFyZ
9$7QDOHĪQ\
9$7QDOLF]RQ\
=RERZLą]DQLHSRGDWNRZH
ħUyGáRQDSRGVWDZLH6FKHQNL2OGPDQV
,GHDLIXQNFMRQRZDQLHSRGDWNXRGZDUWRĞFLGRGDQHM
Z VHNWRU]H SUDFRFKáRQQ\P 1D SR]LRP QDFK\OHQLD WHM NU]\ZHM ZSá\ZD HOD
VW\F]QRĞüVXEVW\WXFMLF]\QQLNyZSURGXNFML:SUDZ\PGROQ\PURJX]QDMGXMH
VLĊNU]\ZDNWyUDRGQRVLVLĊGRUHODFMLPLĊG]\FHQDPLGREUD ( S S
[ \DFHQDPL
F]\QQLNyZSURGXNFMLZr
1DFK\OHQLHWHMNU]\ZHMMHVWĞFLĞOHSRZLą]DQH]QDFK\OHQLHPNU]\ZHMZOH
Z\PJyUQ\PURJXZ\NUHVXJG\ĪGZLHPLDU\RG]ZLHUFLHGODMąFHLQWHQV\ZQRĞü
Z\NRU]\VWDQLD NDSLWDáX Z XMĊFLX ZDUWRĞFLRZ\P SUDZ\ GROQ\ UyJ L Z XMĊFLX
LORĞFLRZ\POHZ\JyUQ\UyJVą]HVREąVNRUHORZDQH:OHZ\PGROQ\PURJX
XPLHV]F]RQR OLQLĊ QDNUHĞORQą SRG NąWHP
oNWyUD PD Z\áąF]QLH WHFKQLF]Q\
FKDUDNWHUÄ.U]\ZDSRGDĪ\´Z\]QDF]DQDMHVWSU]H]SRZLą]DQLHHOHPHQWyZXMĊ
W\FKZSRV]F]HJyOQ\FKF]ĊĞFLDFKZ\NUHVXUR]SRF]\QDMąFRGSUDZHJRGROQHJR
QDURĪQLNDSXQNW$SU]HFKRG]ąFSU]H]OLQLĊ
oSXQNW%GRUyZQRZDJLQD
U\QNXF]\QQLNyZSURGXNFMLSXQNW&QDNRĔFXR]QDF]DMąFSXQNW'1DFK\OH
QLHWHMNU]\ZHM]DOHĪ\RGHODVW\F]QRĞFLVXEVW\WXFMLF]\QQLNyZSURGXNFMLLLFK
LQWHQV\ZQRĞFL5yZQRZDJDMHVWPRĪOLZDW\ONRZSXQNFLH3$WNLQVRQL6WLJOLW]
V
1DáRĪHQLHMHGQROLWHJRXQLIRUPSRGDWNXRGVSU]HGDĪ\RGZDUWRĞFLGRGDQHM QLH]PLHQLDUyZQRZDJLUR]XPLDQHMMDNRZ]JOĊGQDUHODFMDFHQJG\ĪSRGDWHNQLH
Popyt
Konkurencyjne relacje cenowe C
●P
●D
●
●A B
●
X Y/
w r/ w r/
„Podaż”
Równowaga na rynku czynników
produkcji
Linia 45o
x/ y
p p
:\NUHV3U]HU]XFDOQRĞüMHGQROLWHJRSRGDWNXRGVSU]HGD- Ī\ZPRGHOXUyZQRZDJLRJyOQHM
ħUyGáRQDSRGVWDZLH$WNLQVRQL6WLJOLW]V
3U]HU]XFDOQRĞüSRGDWNyZSRĞUHGQLFKZPRGHODFKWHRUHW\F]Q\FK
]PLHQLDUHODFMLPLĊG]\FHQDPLGyEU
DFHQDPLF]\QQLNyZSURGXNFMLZ]ZLą]
NX]W\PUyZQRZDJDSU]HGZSURZDG]HQLHPSRGDWNXLSRMHJRZSURZDG]HQLX
MHVWWDNDVDPD-HĪHOLV\WXDFMDGRW\F]\VWDW\F]QHMJRVSRGDUNL]DPNQLĊWHMZyZ
F]DV FLĊĪDU SRGDWNX UR]áRĪ\ VLĊ PLĊG]\ SUDFĊ L NDSLWDá Z WDNLFK SURSRUFMDFK
ZMDNLFKF]\QQLNLWHVąZ\NRU]\VW\ZDQHZSURGXNFML
.
)XOOHUWRQL5RJHUVSU]HNRQXMąĪHZQLRVNLGRW\F]ąFHMHGQROLWHJRSR
GDWNXNRQVXPSF\MQHJRPRJąVLĊ]PLHQLüMHĪHOL]RVWDQLHSU]HSURZDG]RQDDQDOL
]DUyĪQLFRZHMLQF\GHQFMLGLৼHUHQWLDOLQFLGHQFHDQDO\VLVZNWyUHM]DNáDGDVLĊ
ĪHQRZRQDáRĪRQ\SRGDWHN]RVWDQLHZ\NRU]\VWDQ\GROLNZLGDFMLLQQHJRSRGDW
NX -HĪHOL MHGQROLW\ SRGDWHN RG VSU]HGDĪ\ PD ]DVWąSLü ]UyĪQLFRZDQ\ SRGDWHN
RG VSU]HGDĪ\ ZyZF]DV ]DOHWD MHGQROLWHJR SRGDWNX SROHJDMąFD QD W\P ĪH QLH
]PLHQLDRQUHODFMLPLĊG]\FHQDPLGyEU]QLND
1DZ\NUHVLH]RVWDáDSU]HGVWDZLRQDV\WXDFMDZNWyUHMSRGDWHNRGVSU]HGDĪ\
SRGDWHNRGZDUWRĞFLGRGDQHMQDáRĪRQ\MHVWW\ONRQDMHGQRGREUR;SURGXNR
ZDQHW\ONRSU]H]MHGHQNDSLWDáRFKáRQQ\VHNWRUJRVSRGDUNL
111:WDNLHMV\WXDFML
UHODFMD PLĊG]\ FHQDPL GyEU D FHQDPL F]\QQLNyZ SURGXNFML XOHJD ]PLDQLH ± QDU\QNXF]\QQLNyZSURGXNFMLZOHZ\PJyUQ\PURJXNU]\ZDSU]HVXZDVLĊ w lewo ( ZUZ]UDVWDGODNDĪGHMUHODFML;<3U]HVXQLĊWDNU]\ZDQDZ\NUHVLH]D
]QDF]RQDMHVWSU]HU\ZDQąOLQLą:NRQVHNZHQFML]PQLHMV]DVLĊUHODW\ZQ\SR]LRP
Z\QDJURG]HQLDNDSLWDáXrNWyU\MHVWLQWHQV\ZQLHZ\NRU]\VW\ZDQ\ZSURGXNFML
RSRGDWNRZDQHJRGREUD;6SDGNRZLUHODW\ZQHJRSR]LRPXZ\QDJURG]HQLDND
SLWDáXrPRĪHWRZDU]\V]\üVSDGHNUHODW\ZQHMFHQ\RSRGDWNRZDQHJRGREUD;, ZSRUyZQDQLX]FHQąGREUDYSUDZDGROQDF]ĊĞüZ\NUHVX:WDNLHMV\WXDFML
ÄNU]\ZDSRGDĪ\´UyZQLHĪSU]HVXZDVLĊZOHZR.RQVHNZHQFMąQDáRĪHQLDSR
GDWNX QD GREUR ; PRĪH E\ü ]DWHP VSDGHN UHODW\ZQHM FHQ\ GREUD ; i wzrost NRQVXPSFMLGREUDRSRGDWNRZDQHJRZ]JOĊGHPGREUDY.
1DáRĪHQLHSRGDWNXZ\áąF]QLHQDMHGQRGREUR]PLHQLDUyZQRZDJĊ]DUyZQR
QD U\QNX GyEU MDN L QD U\QNX F]\QQLNyZ SURGXNFML : QRZHM V\WXDFML FLĊ
ĪDUSRGDWNXUR]áRĪ\VLĊPLĊG]\NRQVXPHQWyZSUDFRZQLNyZLGDZFyZNDSLWD
áXSU]\F]\P]HZ]JOĊGXQDIDNWĪHSURGXNRZDQHGREURMHVWNDSLWDáRFKáRQQH
QDOHĪ\ VLĊ OLF]\ü ] W\P ĪH GDZF\ NDSLWDáX EĊGą REFLąĪHQL EDUG]LHM QLĪ SUD
cownicy
112.
: PRGHODFK VWDW\F]QHM UyZQRZDJL RJyOQHM ZLHONRĞü F]\QQLNyZ SURGXNFML
MHVWRNUHĞORQDQLHQDVWĊSXMąZQLFK]PLDQ\ZLHONRĞFLNDSLWDáXDQL]PLDQ\ZLHO
1DOHĪ\ZW\PPRPHQFLHSU]\SRPQLHüĪHEUDN]PLDQUHODFMLPLĊG]\FHQDPLQLHMHVWZFDOH
WDNLRF]\ZLVW\2W\PĪHMHGQROLW\SRGDWHNRGVSU]HGDĪ\PRĪH]PLHQLDüUHODFMHPLĊG]\FHQDPL
SLVDáZV]F]HJyOQRĞFL5DPVH\
3RU.RWOLNR൵L6XPPHUVV
111 1LHRSRGDWNRZDQ\P GREUHP PyJáE\ E\ü F]DV ZROQ\ NWyU\ ]H VZHM QDWXU\ MHVW ÄSUDFR
FKáRQQ\´
112 3RU.RWOLNR൵L6XPPHUVV
3U]HU]XFDOQRĞüSRGDWNyZMDNRNRQVHNZHQFMDLVWQLHQLDU\QNX
NRĞFLF]\QQLNDSUDF\%DGDQLHLQF\GHQFMLSRGDWNRZHM]XZ]JOĊGQLHQLHPZVSR
PQLDQ\FK]PLDQPRĪHE\üSU]HSURZDG]RQH]Z\NRU]\VWDQLHPPRGHOLVWDW\F]QHM
UyZQRZDJLRJyOQHMSU]\]DáRĪHQLXJRVSRGDUNLRWZDUWHMOXEPRGHOLG\QDPLF]QHM
UyZQRZDJL RJyOQHM LQDF]HM QD]\ZDQ\FK PRGHODPL Z]URVWX : Z\SDGNX JR
VSRGDUNL RWZDUWHM QDáRĪHQLH SRGDWNX QD PRELOQ\ F]\QQLN SURGXNFML SRZRGXMH
MHJRRGSá\ZGRLQQ\FKSDĔVWZ:NRQVHNZHQFMLFLĊĪDUSRGDWNXSRQLHVLRQ\]R
VWDQLHSU]H]QLHPRELOQHF]\QQLNLSURGXNFMLNWyUHVą]DDQJDĪRZDQHORNDOQLH,P
PQLHMV]HMHVWSDĔVWZRQDNáDGDMąFHSRGDWHNW\PZLĊNV]DF]ĊĞüFLĊĪDUXSRGDWNX
VSDGQLHQDQLHPRELOQHF]\QQLNLSURGXNFML.DSLWDáMDNRPRELOQ\F]\QQLNSUR
GXNFMLPRĪH]RVWDüREFLąĪRQ\SRGDWNLHPW\ONRZyZF]DVMHĞOLJRVSRGDUNDMHVW
QDW\OHGXĪDĪHPDZSá\ZQDZ\QDJURG]HQLHF]\QQLNyZSURGXNFMLZVNDOLJOR
EDOQHM
0RGHOH Z]URVWX ]DNáDGDMą DOER RNUHĞORQ\ VFKHPDW WZRU]HQLD RV]F]ĊGQR
ĞFLDOERVFKHPDWQDNáDGDQLDVLĊNROHMQ\FKSRNROHĔRYHUODSSLQJJHQHUDWLRQV
:PRGHODFKG\QDPLF]Q\FKPRĪOLZHMHVWXZ]JOĊGQLHQLH]PLHQLDMąF\FKVLĊUH
ODFML PLĊG]\ ZLHONRĞFLą SUDF\ L NDSLWDáX D WDNĪH ZSá\ZX SRGDWNyZ QD FHQĊ
DNW\ZyZ ,VWRWQą UROĊ Z W\FK PRGHODFK PRJą RGJU\ZDü RF]HNLZDQLD )XOOHU
WRQL0HWFDOI$QDOL]DZVSRPQLDQ\FKPRGHOLSR]ZDODZV]F]HJyOQRĞFL
XVWDOLü MDN FLĊĪDU RSRGDWNRZDQLD UR]NáDGD VLĊ PLĊG]\ NROHMQ\PL SRNROHQLDPL
● ●
● ●
Popyt
●P
●
● ●
X Y/
w r/ w r/
„Podaż”
Linia 45o
x/ y
p p
:\NUHV3U]HU]XFDOQRĞüVHOHNW\ZQHJRSRGDWNXRGVSU]HGDĪ\ZPRGHOXUyZQR- ZDJLRJyOQHM
ħUyGáRQDSRGVWDZLH$WNLQVRQL6WLJOLW]V
3U]HU]XFDOQRĞüSRGDWNyZSRĞUHGQLFKZPRGHODFKWHRUHW\F]Q\FK
LMDNSU]HELHJDMąZ\ERU\PLĊG]\RNUHVRZH3RQLHZDĪWHJRW\SXDQDOL]DQLHRG
QRVLVLĊEH]SRĞUHGQLRGRRSRGDWNRZDQLDGyEUMHMRSLVZW\PPLHMVFXQLHMHVW
UR]ZLMDQ\
.
-HG\Q\P ZąWNLHP Z\QLNDMąF\P ] DQDOL]\ PRGHOL G\QDPLF]QHM UyZQRZDJL
RJyOQHMNWyU\QDOHĪ\SRGNUHĞOLüMHVWWHQGRW\F]ąF\NRQVHNZHQFMLZ\ERUXGáX
JRĞFLRNUHVXYDFDWLROHJLV.
$XHUEDFK.RWOLNR൵L6NLQQHUZVND]XMąQDWRĪHLPGáXĪV]\RNUHV
PLĊG]\ RJáRV]HQLHP SRGZ\ĪNL VWDZHN SRGDWNyZ NRQVXPSF\MQ\FK D LFK ZHM
ĞFLHPZĪ\FLHW\PZLĊNV]HEĊGąVWUDW\ZGREURE\FLHZ\QLNDMąFH]SU]\VSLH
V]HQLD NRQVXPSFML :DUWR MHGQDN ]DXZDĪ\ü ĪH ] EDGDĔ SU]HSURZDG]RQ\FK
SU]H] &DVKLQD L 8QD\DPD V QLH Z\QLND E\ VWUDW\ Z GREURE\FLH
E\á\]QDF]ąFH
3.4. Przerzucalność podatków pośrednich w badaniach empirycznych
%DGDQLD HPSLU\F]QH GRW\F]ąFH SU]HU]XFDOQRĞFL SRGDWNyZ SRĞUHGQLFK PRĪQD
SRG]LHOLü]HZ]JOĊGXQDURG]DMSRGDWNXEĊGąF\SU]HGPLRWHPDQDOL]\=MHGQHM
VWURQ\PRĪQDZ\UyĪQLüSRZV]HFKQHSRGDWNLRGWRZDUyZLXVáXJNWyUHVąSRGDW
NDPLDGYDORUHPD]GUXJLHMVWURQ\DNF\]\NWyUHFRGR]DVDG\PRĪQDX]QDü]D
SRGDWNLVSHF\¿F]QHF]\OLWDNLHZNWyU\FKSRGVWDZDRSRGDWNRZDQLDMHVW]DOHĪ
QDRGLORĞFL:SU]\SDGNXSRGDWNyZSRĞUHGQLFKXZDJDEDGDF]\NRQFHQWUXMHVLĊ
QD]DNUHVLHSU]HU]XFDOQRĞFLW\FKSRGDWNyZQDNRQVXPHQWyZ
3LHUZV]H EDGDQLD HPSLU\F]QH QDG SU]HU]XFDOQRĞFLą SRGDWNyZ SRĞUHGQLFK
QDNRQVXPHQWyZ]RVWDá\SU]HSURZDG]RQHZ6WDQDFK=MHGQRF]RQ\FK3RWHUED
LGRW\F]\á\ZSá\ZXSRGDWNXRGVSU]HGDĪ\QDFHQ\XEUDĔZNLONXPLD
VWDFK6WDQyZ=MHGQRF]RQ\FKZODWDFKRUD]%DGDQLHWR
E\áRPRĪOLZHG]LĊNLWHPXĪHSRGDWHNRGVSU]HGDĪ\RERZLą]XMąF\Z6WDQDFK
=MHGQRF]RQ\FKPDFKDUDNWHUORNDOQ\DMHJRVWDZNLZSRV]F]HJyOQ\FKPLDVWDFK
PDMąUyĪQąZ\VRNRĞü=PLHQQąREMDĞQLDQąMHVWORJDU\WPLF]QD]PLDQDFHQ\GH
WDOLF]QHMSRV]F]HJyOQ\FKWRZDUyZQDWRPLDVWMDNR]PLHQQHREMDĞQLDMąFHZ\NR
U]\VWXMHVLĊ]PLDQ\FHQWHJRVDPHJRWRZDUXZW\PVDP\PF]DVLHZFDá\FK6WD
QDFK=MHGQRF]RQ\FKDWDNĪH]PLDQ\VWDZNLSRGDWNXQDGDQ\WRZDU:UHJUHVML
Z\NRU]\VW\ZDQH Vą UyZQLHĪ ]PLHQQH RSyĨQLRQH GOD LQÀDFML L ]PLDQ SRGDWNX
&]\WHOQLN]DLQWHUHVRZDQ\LQF\GHQFMąSRGDWNRZąZPRGHODFKVWDW\F]QHMUyZQRZDJLRJyO
QHMSU]\]DáRĪHQLXJRVSRGDUNLRWZDUWHMOXEZPRGHODFKG\QDPLF]QHMUyZQRZDJLRJyOQHMPRĪH
]DSR]QDü VLĊ ] W\P WHPDWHP F]\WDMąF Z V]F]HJyOQRĞFL .RWOLNR൵ / 6XPPHUV / 7D[
,QFLGHQFH1%(5:RUNLQJ3DSHU6HULHVGRLZ
3U]HU]XFDOQRĞüSRGDWNyZMDNRNRQVHNZHQFMDLVWQLHQLDU\QNX
SR WR E\ XZ]JOĊGQLüQLH]EĊGQ\ F]DVQDGRVWRVRZDQLHFHQ\WRZDUyZ QDNWy
UH ]PLHQLáD VLĊ VWDZND$QDOL]D RNUHVX SRZRMHQQHJR VXJHUXMH ĪH SRGDWHN RG
VSU]HGDĪ\ E\á ZWHG\ Z FDáRĞFL SU]HU]XFDQ\ QD NRQVXPHQWyZ SRGF]DV JG\
ZRNUHVLHSU]HGZRMHQQ\PW\ONRSRGDWNXE\áRSU]HU]XFDQHQDNRQVXPHQWyZ
3RGREQąDQDOL]ĊNLONDODWSyĨQLHMSU]HSURZDG]LOL%HVOH\L5RVHQ=D
NUHVLFKEDGDĔE\áQLHFRV]HUV]\ERREHMPRZDáURG]DMyZWRZDUyZZPLD
VWDFK 6WDQyZ =MHGQRF]RQ\FK $QDOL]RZDQR GDQH NZDUWDOQH ] ODW
:DUWRSRGNUHĞOLüĪHZW\FKEDGDQLDFKZĞUyG]PLHQQ\FKREMDĞQLDMąF\FKE\á\
WHĪWDNLHNWyUHRGQRVLá\VLĊGRNRV]WyZSURGXNFMLZV]F]HJyOQRĞFLNRV]WyZQDM
PXQLHUXFKRPRĞFLZ\QDJURG]HĔLNRV]WyZHQHUJLL$XWRU]\]DREVHUZRZDOLĪH
SU]HU]XFDOQRĞüSRGDWNyZMHVW]UyĪQLFRZDQDZ]DOHĪQRĞFLRGDQDOL]RZDQ\FKWR
ZDUyZ,VWQLHMąWDNLHWRZDU\ZSU]\SDGNXNWyU\FKPRĪQDPyZLüRQDGSU]HU]X
FDOQRĞFLRYHUVKLIWLQJ = SU]HSURZDG]RQHJREDGDQLD Z\Sá\ZD UyZQLHĪ ZQLR
VHNĪHFHQ\EDUG]RV]\ENRUHDJXMąQD]PLDQĊVWDZNLSRGDWNX
&KHWW\LLQQDSRGVWDZLHHNVSHU\PHQWyZSU]HSURZDG]RQ\FKZ6WD
QDFK=MHGQRF]RQ\FKJG]LHFHQ\VąWUDQVSDUHQWQH
XGRZRGQLOLĪHXPLHV]F]H
QLHRERNDUW\NXáyZVSRĪ\ZF]\FKFHQ]DZLHUDMąF\FKSRGDWHNQDNáDGDQ\ZHGáXJ
VWDZNLSRZRGXMHVSDGHNSRS\WXQDWHWRZDU\R3RGREQ\ZQLRVHN
PRĪQDZ\FLąJQąüZRGQLHVLHQLXGRDONRKROL3RGQLHVLHQLHSRGDWNXNWyU\PLDá
RG]ZLHUFLHGOHQLHZFHQDFKUHGXNXMHNRQVXPSFMĊDONRKROXEDUG]LHMQLĪSRGQLH
VLHQLHSRGDWNXGROLF]DQHJRSU]\NDVLH%DGDQLDWHSR]ZDODMąZV]F]HJyOQRĞFL
Z\FLąJQąüNRQNOX]MĊĪHNRQVXPHQFLQLHVąZSHáQLUDFMRQDOQLLSRGHMPXMąGH
F\]MHSU]\RJUDQLF]RQHMĞZLDGRPRĞFLLVWQLHMąF\FKSRGDWNyZ
3U]HU]XFDOQRĞüSRGDWNyZSRĞUHGQLFKZW\PUyZQLHĪZNRQWHNĞFLH¿QDQVyZEH
KDZLRUDOQ\FK EDGDQR QD SRGVWDZLH GDQ\FK ] U\QNX HXURSHMVNLHJR : RSUDFR
ZDQLX&RSHQKDJHQ(FRQRPLFVSU]HDQDOL]RZDQRNRQVHNZHQFMH]QDF]ąFHM
]PLDQ\ VWDZNL SRGDWNX RG ZDUWRĞFL GRGDQHM GOD G]LHZLĊFLX SU]\SDGNyZ ] U\Q
NXHXURSHMVNLHJRREHMPXMąF\FKVSDGHNVWDZNLQDNVLąĪNLZ6]ZHFMLRSS
Z]URVW VWDZNL QD REXZLH ZH :áRV]HFK R SS Z]URVW VWDZNL QD F]DVRSLVPD
ZH:áRV]HFKRSSLSyĨQLHMV]\VSDGHNVWDZNLRSSGZXNURWQ\VSDGHN
VWDZNLQDQDSRMHZ3RUWXJDOLLRLSSVSDGHNVWDZNLQDXVáXJLUHVWDXUDF\MQH
Z3RUWXJDOLLRSSLVSDGHNVWDZNLQDXVáXJLIU\]MHUVNLHZ,UODQGLLRSS1D
SRGVWDZLH W\FK EDGDĔ PRĪQD E\áR VWZLHUG]Lü ĪH Z]URVW VWDZNL SRGDWNX SRZR
GXMHEDUG]LHMQLĪSURSRUFMRQDOQą]PLDQĊFHQ\QDWRPLDVWVSDGHNVWDZNLSRGDWNX
SRZRGXMH PQLHM QLĪ SURSRUFMRQDOQ\ VSDGHN FHQ\ : SU]\SDGNX ]PLDQ VWDZNL
RSSPRĪOLZRĞüZ\FLąJQLĊFLDVSyMQ\FKZQLRVNyZE\áDRJUDQLF]RQD
$V\PHWULĊZUHDNFMLQDZ]URVWLVSDGHNFHQ\]DXZDĪ\áWDNĪH=iSDO
EDGDMąFNRQVHNZHQFMHUHIRUP\SRGDWNRZHMNWyUąSU]HSURZDG]RQRZ&]HFKDFK
=DVDGQLF]RU]HF]XMPXMąFRERNWRZDUXSRGDZDQHVąFHQ\QHWWRDSRGDWHNGROLF]DQ\MHVW
SU]\NDVLHZHGáXJVWDZNLRERZLą]XMąFHMZGDQ\PVWDQLH
3U]HU]XFDOQRĞüSRGDWNyZSRĞUHGQLFKZEDGDQLDFKHPSLU\F]Q\FK
ZU2GQRWRZDáRQĪHZSU]\SDGNXWRZDUyZGODNWyU\FKVWDZNDSRGDWNX
VSDGáD ] QD QLH QDVWąSLá VSDGHN FHQ\ GOD NRQVXPHQWyZ QDWRPLDVW
Z SU]\SDGNX WRZDUyZ GOD NWyU\FK VWDZND Z]URVáD ] QD SU]HFLĊWQ\
Z]URVWFHQ\Z\QRVLá
%HQ]DUWL &DUORQL +DUMX L .RVRQHQ QD SRGVWDZLH ]PLDQ VWDZHN
Z SDĔVWZDFK 8QLL (XURSHMVNLHM Z ODWDFK XVWDOLOL ĪH Z]URVW VWDZ
NLSRGDWNXZ\ZRáXMHVLOQLHMV]ą]PLDQĊFHQ\RSRGDWNRZDQ\FKGyEUQLĪVSDGHN
VWDZNLSRGDWNX:HGáXJW\FKEDGDF]\SU]HU]XFDOQRĞüSRGDWNXQDVWĊSXMHQDW\FK
PLDVWSR]PLDQLHVWDZNLDNRQZHUJHQFMDZNLHUXQNXV\PHWULLUHDNFMLQLHSRMD
ZLDVLĊQDZHWZyZF]DVJG\RNUHVDQDOL]\]RVWDMHZ\GáXĪRQ\GRURNXSR
]PLDQLHVWDZNL
2SLV\ZDQDDV\PHWULDQLH]QDMGXMHSRWZLHUG]HQLDZEDGDQLDFKU\QNXDUW\NX
áyZ VSRĪ\ZF]\FK Z %UD]\OLL Z ODWDFK SURZDG]RQ\FK SU]H] 3ROLWL
L 0DWWRV 5yZQLHĪ %HQHGHN 'H 0RRLM .HHQ L :LQJHQGHU QLH
SRWZLHUG]DMąE\LVWQLDáDLVWRWQDUyĪQLFDPLĊG]\UHDNFMDPLQDZ]URVWLVSDGHN
VWDZNLSRGDWNX
%HQHGHN L LQ QD SRGVWDZLH GDQ\FK ] SDĔVWZ VWUHI\ HXUR ] ODW
RGNU\OL MHGQDN LQQH ]DOHĪQRĞFL NWyUH WUXGQR Z\MDĞQLü QD JUXQFLH
HNRQRPLLQHRNODV\F]QHM=DREVHUZRZDOLRQLZV]F]HJyOQRĞFLĪHSU]\]PLDQLH
SRGVWDZRZHMVWDZNLSRGDWNX]DVDGQLF]RZ\VWĊSXMHSHáQDSU]HU]XFDOQRĞüSRG
F]DVJG\GOD]UHGXNRZDQHMVWDZNLSRGDWNXSU]HU]XFDOQRĞüSRGDWNXQDNRQVX
PHQWyZZ\QRVLRNRáRDGODUHNODV\¿NDFML
SU]HU]XFDOQRĞüQDNRQVXPHQ
WyZFRGR]DVDG\QLHZ\VWĊSXMH
3RWZLHUG]HQLHP]UyĪQLFRZDQ\FKUHDNFMLQD]PLDQĊVWDZNLZ]DOHĪQRĞFLRG
MHM SR]LRPX PRJą E\ü UR]ZDĪDQLD 'DYLGD NWyU\ EDGDá NRQVHNZHQFMH
Z]URVWXVWDZHNSRGDWNXRGZDUWRĞFLGRGDQHMZWU]HFKSDĔVWZDFK8QLL(XURSHM
VNLHMGZLH]PLDQ\ZH)UDQFMLGZLHQD&\SU]HLMHGQDZ&KRUZDFMLZU=D
REVHUZRZDáRQĪHSU]\Z]URĞFLHREQLĪRQ\FKVWDZHNSRGDWNX]DNUHVSU]HU]X
FDOQRĞFLQDNRQVXPHQWyZMHVWRPQLHMV]\QLĪGODVWDZHNVWDQGDUGRZ\FK
:\FLąJQąá UyZQLHĪ ZQLRVHN ĪH LVWQLHMH QHJDW\ZQD ]DOHĪQRĞü PLĊG]\ VNDOą
]PLDQ\VWDZNLD]DNUHVHPSU]HU]XFDOQRĞFLSRGDWNXQDNRQVXPHQWyZ
%DGDQLD %HUQDOD D GRW\F]ąFH NRQVHNZHQFML REQLĪNL VWDZNL SRGDWNX
]QDQDSRGVWDZRZHDUW\NXá\VSRĪ\ZF]HZ3ROVFHZUSRWZLHU
G]DMąUH]XOWDW\RSLV\ZDQHSRZ\ĪHM:\QLND]QLFKERZLHPĪHQLHZLHONDREQLĪ
NDVWDZNLSRGDWNXQDWRZDU\NWyUHSRGOHJDMąUHNODV\¿NDFMLVNXWNXMHEUDNLHP
NRU]\ĞFLGODNRQVXPHQWyZ
3UHWHNVWHPGRDQDOL]\SU]HU]XFDOQRĞFLSRGDWNXRGZDUWRĞFLGRGDQHMQDNRQ
VXPHQWyZ E\áD UyZQLHĪ ]PLDQD SRGVWDZRZHM VWDZNL SRGDWNX ] QD
3U]H]UHNODV\¿NDFMĊQDOHĪ\UR]XPLHüV\WXDFMĊZNWyUHMQLH]PLHQLDVLĊZ\VRNRĞüDQLVWD
ZHN SRGVWDZRZ\FK DQL REQLĪRQ\FK D ]PLDQD VWDZNL SRGDWNX QD RNUHĞORQH WRZDU\ OXE XVáXJL
Z\QLND]SU]\SLVDQLDLFKGRJUXS\REMĊWHMLQQąVWDZNąQLĪGRW\FKF]DV
3U]HU]XFDOQRĞüSRGDWNyZMDNRNRQVHNZHQFMDLVWQLHQLDU\QNX
7DEHOD:\QLNLHVW\PDFML]DNUHVXSU]HU]XFDOQRĞFLSRGDWNXQDNRQVXPHQWyZGODXVáXJQDSUDZF]\FK
=PLHQQH REMDĞQLDMąFH
1DSUDZDREXZLD
GDPVNLHJR PLQ
1DSUDZDREXZLD
GDPVNLHJR PDNV
6NUyFHQLHVSRGQL PLQ
6NUyFHQLHVSRGQL PDNV
:V]\FLH]DPND PLQ
:V]\FLH]DPND PDNV
ǻݐ߬
6SDGHN
ǻݐ߬
6SDGHN
ǻݐ߬
6SDGHN
ǻݐ߬
6SDGHN
ǻݐ߬
6SDGHN
ǻݐ CPI
ǻݐ:\QDMHP
ǻݐ(QHUJLD
ǻݐ3DOLZD
Sá\QQH
ǻݐ:\QDJURG]HQLD
6NRU\JRZDQ\R2
0HWRGDHVW\PDFML */6$5 */6$5 */6$5 */6$5 2/6 */6$5
Zmienne sezonowe nie WDN WDN nie nie WDN
8G]LDáNRQVXPHQWD 0 0 0 0 0
:QDZLDVDFKXPLHV]F]RQREáĊG\VWDQGDUGRZH*ZLD]GNLR]QDF]DMąLVWRWQRĞüQDSR]LRPLH L ħUyGáRQDSRGVWDZLHGDQ\FK*áyZQHJR8U]ĊGX6WDW\VW\F]QHJR
>@
7DEHOD:\QLNLHVW\PDFML]DNUHVXSU]HU]XFDOQRĞFLSRGDWNXQDNRQVXPHQWyZGODXVáXJIU\]MHUVNLFK
=PLHQQH REMDĞQLDMąFH
%DOHMDĪ PLQ
%DOHMDĪ PDNV
)DUERZDQLH
ZáRVyZ PLQ
)DUERZDQLH
ZáRVyZ PDNV
6WU]\ĪHQLH
JáRZ\PĊVNLHM PLQ
6WU]\ĪHQLH
JáRZ\PĊVNLHM PDNV
7UZDáD RQGXODFMD
PLQ
7UZDáD RQGXODFMD
PDNV
ǻݐ߬
6SDGHN
±
ǻݐ߬
6SDGHN
±
±
ǻݐ߬
6SDGHN ±
±
±
±
ǻݐ߬
6SDGHN ±
ǻݐ߬
6SDGHN
±
±
±
±
ǻݐ CPI
ǻݐ:\QDMHP
ǻݐ(QHUJLD
ǻݐ3DOLZDSá\QQH ±
±
±
±
±
±
±
±
ǻݐ:\QDJURG]HQLD
±
±
±
6NRU\JRZDQ\R2
0HWRGDHVW\PDFML */6$5 */6$5 2/6 */6$5 */6$5 */6$5 */6$5 */6$5
Zmienne sezonowe nie WDN nie nie WDN nie nie nie
8G]LDáNRQVXPHQWD 0 0 0
:QDZLDVDFKXPLHV]F]RQREáĊG\VWDQGDUGRZH*ZLD]GNLR]QDF]DMąLVWRWQRĞüQDSR]LRPLH L ħUyGáRQDSRGVWDZLHGDQ\FK*áyZQHJR8U]ĊGX6WDW\VW\F]QHJR
>@
70,0 75,0 80,0 85,0 90,0 95,0 100,0 105,0 110,0 115,0 120,0
indeks cen inflacja wrzesień 2006 = 100
01.2003 05.2003 09.2003 01.2004 05.2004 09.2004 01.2005 05.2005 09.2005 01.2006 05.2006 09.2006 01.2007 05.2007 09.2007 01.2008 05.2008 09.2008 01.2009 05.2009 09.2009
poziomindeksuceny
70,0 80,0 90,0 100,0 110,0 120,0 130,0
indeks cen inflacja wrzesień 2006 = 100
01.2003 05.2003 09.2003 01.2004 05.2004 09.2004 01.2005 05.2005 09.2005 01.2006 05.2006 09.2006 01.2007 05.2007 09.2007 01.2008 05.2008 09.2008 01.2009 05.2009 09.2009
poziomindeksu ceny
DLQGHNVFHQEDOHMDĪX
ELQGHNVFHQIDUERZDQLDZáRVyZ
PLHVLąFXNROHMQHJRURNXNDOHQGDU]RZHJRVSDGáDRFRRGSRZLDGDNRU]\Ğ
FLRP NRQVXPHQWD ] REQLĪNL VWDZNL Z\QRV]ąF\P WHJR FR Z\QLNDáRE\
]SHáQHMSU]HU]XFDOQRĞFLSRGDWNX
:WDEHOLSU]HGVWDZLRQRZ\QLNLHVW\PDFML]DNUHVXSU]HU]XFDOQRĞFLSRGDW
NXQDNRQVXPHQWyZXVáXJIU\]MHUVNLFK5yZQLHĪ]WHMWDEHOLZ\QLNDĪHNRQVX
PHQFLJHQHUDOQLHQLHE\OLEHQH¿FMHQWDPLREQLĪNLVWDZNLSRGDWNXDMHĞOLE\OLWR
W\ONRZQLHZLHONLP]DNUHVLH1DMZLĊNV]\XG]LDáNRQVXPHQWyZZREQLĪFHVWDZNL
SRGDWNXZ\QLND]GUXJLHJRPRGHOXGODXVáXJLVWU]\ĪHQLDJáRZ\PĊVNLHM8G]LDá
WHQZ\QRVLSHáQHMSU]HU]XFDOQRĞFLFRR]QDF]DĪHREQLĪNDVWDZNLSRGDWNX
RSSVSRZRGRZDáDVSDGHNFHQ\R
=DQDOL]\UHJUHVMLZ\QLNDĪHFHQ\XVáXJIU\]MHUVNLFKVąVNRUHORZDQH]LQÀD
FMą=PLHQQD&3,ZHZV]\VWNLFKPRGHODFKZWDEHOLMHVWLVWRWQDVWDW\VW\F]QLH
:\NUHVSU]HGVWDZLDMąF\LQGHNVFHQXVáXJIU\]MHUVNLFKQDWOHLQGHNVXFHQWR
3U]HU]XFDOQRĞüSRGDWNXRGWRZDUyZLXVáXJQDNRQVXPHQWyZ