Consumption taxes have an important place in the tax systems of modern states. They provide a large amount of revenue for the state budget. However, they are generous, but they are very regressive. It is a bad characteristic. The regressivity problem of the tax burden implies that the consumption tax is burdensome for the population with lower income. They pay similar tax rate as people with high income. The aim of this paper is to point to the existence of the problem of regressivity in underdeveloped and developed countries. This paper analyses the possibilities of reducing this problem in order to satisfy the principle of fairness in taxation.
Abstract The efficiency of channels of monetary transmission varies from country to country and is conditioned by a number of factors that determine the economic and financial system of a country. In order to achieve the set monetary policy objectives, а central bank takes certain measures and employs instruments of monetary policy. Those instruments, however, act indirectly and with a certain lag. Due to these limitations in monetary policy effects, the analysis of the monetary transmission is of essence in every country as it enables its designers to determine an optimum monetary regime. In this paper, an analysis of monetary transmission in the Republic of Serbia is made using the Vector autoregressive model (VAR model). The research conducted is significant due to a current issue of the impact of monetary policy on actual economic trends, both in the developed and developing countries. On the basis of the research it is concluded that, in the time period under observation, the biggest impact on the fluctuations in industrial production in Serbia is that of monetary aggregate, whereas the biggest impact on the fluctuation in prices is that of key policy rate movements. The results of the analysis provide guidelines to monetary authorities to take necessary steps to shorten a lag period and eliminate restrictions in transmitting monetary impulses into real economic values.
Indirect taxes such as value added tax (VAT), excises and duties have big significance for every country. With their assistance, countries can collect enough funds for financing everyday social needs. The share of consumption tax revenues in total tax revenues is high, because consumption taxes are applied to many products and services and they are resistant to tax evasion. Although they have many positive characteristics they are also very regressive. Low-income households give higher amount of money for basic foodstuff than high-income households. Every new increase of prices can make financial condition worse for poor households.The aim of paper is to point out on regressive side of consumption taxes. Also, some measures for reducing negative effects of consumption taxes will be presented. These measures can additionally help in reducing poverty rate, which is one of the biggest problems for many countries.
AbstractChanges in the world of technology have enabled banks to use new channels for distribution of banking services to its clients. With the appearance of of smart phones, WEB mobile banking is developed,and it provides a possibility for greater integration between the bank and the client. WEB mobile banking is increasingly gaining in importance, especially in developed countries, while this process in our country is much slower. The aim of this paper is to point out the benefits that WEB mobile banking offer to users, but also to point out its weak presence in the Nisava District and Serbia in general. Also the identification of the main reasons forweak presence of mobile banking in our region, aims to point out in which way can in the future this banking be quickly disseminated among users. In order to achieve the defined objectives, the authors used descriptive method, method of compilation, comparison, deduction and induction and statistical method which is used for testing of independence between variables and calculation of coefficient of contingency.
The problem that plastic bags cause to the environment is one of the most significant environmental problems. Not much attention is paid to this problem on the territory of the Republic of Serbia, and there is a gap where scientific research is concerned. In addition to mitigating this gap, the aim of this paper is to identify the basic factors which reduce the consumption of light (disposable) plastic bags using exploratory factor analysis. The results of the conducted analysis show that the development of environmental awareness, the availability of alternatives, social norms, and economic instruments that could be implemented in the future have a positive impact on the change in consumer behaviour on the territory of the Republic of Serbia when it comes to the use of plastic bags.
Abstract The importance of certain tax forms for the economy of any country is confirmed by the fact that they can be used to impact on the achievement of fiscal aims as they play a significant role when it comes to their share in a total amount of public revenue of certain countries. Another important characteristic of taxes is that they can affect the trends of gross domestic product (GDP) as one of the most important economic indicators of achieved development of a national economy. It is for this reason that we must point out that the authors will pay special attention to determining the impact that corporate income tax has on trends of gross domestic product in the Republic of Serbia and their interdependency. This will provide an answer to a question whether corporate income taxes have a positive effect on gross domestic product trends and what is its relation with this indicator. On the basis of quantitative research, through the application of regression analysis, the authors will confirm or refute the hypothesis concerning this problem. Finally, we will reach a conclusion which will offer answers to questions related to the impact of this tax type tax on the gross domestic product trends, the extent of the impact and its nature – whether it has a positive or a negative effect on gross domestic product trends in the Republic of Serbia
Abstract The policy led by a large number of developing countries, with the aim of increasing indirect taxes, has opened the issue of Value Added Tax (VAT) performance. Reforms of tax systems of transition countries generally involve an increase in standard rates in order to increase VAT, which is the main source of public revenues. In such a way, developing countries determine the VAT performance and the amount of revenue that could be collected by indirect taxation. Theoretical analyses of standard rates and other factors that have reflections on the VAT collection efficiency explicitly prove that there are different ways to improve the efficiency of VAT collection, and exclude an increase in the standard rate. An increase in the standard rate provides a balance of negative effects, which can be blurred by recorded tax revenues. The subject of this paper is an analysis of the factors that influence the efficiency of VAT collection in Serbia. The main objective of the paper is to examine the impact of the change in the standard rate, which is the result of the reforms carried out in 2012, on the performance of VAT. Regression analysis was applied to the data series for the period 2005-2016.The results show that the change in the standard rate had a statistically significant negative impact on VAT performance. Our analysis also indicates that the economic growth rate has reflections on VAT collection. A strong positive correlation between the economic growth rate and VAT performance was calculated.
Indirect taxes have a significant place in developing EU countries' tax systems. The article sums up scholars of different scientists, dealing with the impact of VAT efficiency determinants. The purpose of this study is to investigate the determinants of VAT collection efficiency in the EU developing countries. The study relies on relevant data in transparent international statistical databases, covering the period from 1997 to 2017. The main research question in this paper is: does rise in value added tax rate negatively affect VAT collection efficiency in the EU developing countries. Accordingly, one of the independent variables included in the survey is standard annual VAT rate. In addition to standard VAT rate, as a determinant of VAT collection efficiency, we analyze: economic growth rate, export of goods, export of services, wages and salaries, household consumption. The hypotheses set are analyzed using correlation and regression analyses. Empirical results show a positive effect of economic growth rate, export of goods, and the negative effect of two variables: standard VAT rate and household consumption. The two observed variables, export of services and wages and salaries, do not show a statistically significant effect. The results obtained using appropriate statistical tools serve as guidelines to macroeconomic policy makers to generate higher tax revenues from VAT. By analyzing the C-efficiency determinant, we design a relevant development strategy approach for economically underdeveloped EU countries. ; Indirect taxes have a significant place in developing EU countries' tax systems. The article sums up scholars of different scientists, dealing with the impact of VAT efficiency determinants. The purpose of this study is to investigate the determinants of VAT collection efficiency in the EU developing countries. The study relies on relevant data in transparent international statistical databases, covering the period from 1997 to 2017. The main research question in this paper is: does rise in value ...
The policy led by a large number of developing countries, with the aim of increasing indirect taxes, has opened the issue of Value Added Tax (VAT) efficiency. Reforms of tax systems of developing countries generally involve an increase in standard rates in order to increase VAT, which is the main source of public revenues. In such a way, developing countries determine the VAT efficiency and the amount of revenue that could be collected by indirect taxation. The article sums up works of different scientists, dealing with the impact of determinants on VAT efficiency. The subject of this paper is an analysis of the factors that influence the C efficiency ratio. The main objective of the paper is to analize the impact of the change in the standard rate on the ratio. Theoretical analyses of standard rates and other factors that have reflections on the VAT collection efficiency explicitly prove that there are different ways to improve the efficiency of VAT collection, and exclude an increase in the standard rate. An increase in the standard rate provides a balance of negative effects, which can be blurred by recorded tax revenues. We focused on the countries of the European Union: Bulgaria, Czech Republic, Estonia, Greece, Croatia, Latvia, Hungary, Poland, Romania, Slovakia, Slovenia, Lithuania during the 2000-2016 period. These countries experienced significant changes in government during economic transformation, and where VAT is the main source of public revenues. The last section analize an increse in VAT rate and C efficiency ratio in Serbia and conteins conclusions. The paper indicates the imperfection of inadequately defined VAT rates on economic growth and development in analized countries. Based on analyses we can conclude that the increase in the standard rate have negative reflections on the VAT efficiency, and that it was one of the factors of the continuous decline in C-efficiency. ; Politika koju vodi veliki broj zemalјa u razvoju, u cilјu povećanja indirektnih poreza, otvorila je pitanje efikasnosti poreza na dodatu vrednost (PDV). Reforme poreskih sistema zemalјa u razvoju generalno uklјučuju povećanje standardnih stopa kako bi se povećao PDV, koji je glavni izvor javnih prihoda. Na taj način zemlјe u razvoju određuju efikasnost PDV-a i iznos prihoda koji se mogu prikupiti indirektnim oporezivanjem. Članak subsumira naučne radove koji se bave uticajem determinanti na efikasnost PDV-a. Predmet ovog rada je analiza faktora koji utiču na racio C efikasnosti. Glavni cilј rada je da analizira uticaj promene standardne stope na racio. Teorijska analiza standardnih stopa i drugih faktora koji utiču na efikasnost naplate PDV-a eksplicitno dokazuje da postoje različiti načini za pobolјšanje efikasnosti naplate PDV-a i isklјučuje povećanje standardne stope. Povećanje standardne stope obezbeđuje bilans negativnih efekata, koji se mogu zamagliti evidentiranim poreskim prihodima. Fokusirali smo se na zemlјe Evropske unije: Bugarsku, Češku, Estoniju, Grčku, Hrvatsku, Letoniju, Mađarsku, Polјsku, Rumuniju, Slovačku, Sloveniju i Litvaniju tokom perioda 2000-2016. Ove zemlјe su doživele značajne promene u vladi tokom ekonomske transformacije, i njima je PDV glavni izvor javnih prihoda. U poslednjoj sekciji analizira se porast stope PDV-a i koeficijenta C efikasnosti u Srbiji i daju se zaklјučci o tome. U radu se ukazuje na nesavršenost neadekvatno definisanih stopa PDV-a na ekonomski rast i razvoj u analiziranim zemlјama. Na osnovu analiza možemo zaklјučiti da povećanje standardne stope ima negativne refleksije na efikasnost PDV-a, te da je to bio jedan od faktora kontinuiranog pada C-efikasnosti.
Many environmental and natural resource problems, which have been solved in developed countries with the use of appropriate instruments, are becoming increasingly common in developing countries. Due to poverty, the efficiency of conceiving environmental policies and minimizing costs, are inherent issues of these countries. The aim of this paper is to highlight the importance of environmental taxes in developing countries, as environmental taxes are an instrument of environmental policy that convenes with the level of their development. Most countries today pay great attention to environmental taxes. However, in the tax systems of developing countries, their significance is neglected. We analyzed 12 developing countries, which are members of the European Union, with the tendency to point out the benefits they could have from environmental taxes. A regression analysis was applied on the data series for the period 2001-2016. The results of the model show that the growth of tax revenues from ecological taxes implicitly increases the state allocation in the field of environmental protection. ; Mnogi problemi zaštite životne sredine i prirodnih resura, koji su rešeni u razvijenim zemlјama primenom odgovarajućih instrumenata, postaju sve veći u zemlјama u razvoju. Zbog siromaštva, efikasnost koncipiranja ekološke politike i minimiziranje troškova, predstavlјaju inherentna pitanja ovih zemalјa. Cilј ovog rada je da istakne značaj ekoloških poreza u zemlјama u razvoju, shodno tome da ekološki porezi predstavlјaju instrument ekološke politike koji konvenira nivou njihove razvijenosti. Većina zemalјa, danas, veliku pažnju posvećuje ekološkim porezima. Međutim, u poreskim sistemima zemalјa u razvoju, njihov značaj je delastiran. Analizirali smo 12 zemalјa u razvoju, koje su članice Evropske Unije, sa tendencijom da ukažemo na benefite koje bi one mogle imati od ekoloških poreza. Sprovedena je regresiona analiza na seriji podataka za period 2001-2016. godine. Rezultati modela pokazuju da rast poreskih prihoda od ekoloških poreza, implicitno povećava i izdvajanja države u oblasti zaštite životne sredine.
The goal is to examine the level of fiscal stress in the Republic of Serbia and to investigate whetherit suggests a crisis of public debt. The empirical analysis of annual data has been done for the period 2007 to 2014, in two cases: (i) charging indicators of the vulnerability boundaries to the fiscal crisis using the signal approach (ii) an assessment of whether the public debt is reduced at a satisfactory pace by applying the criterion of the operationalisation of debt. The resulting composite indicator points to a crisis of public debt in the Republic of Serbia. The investigation of fiscal and macrofinancial variables showed that the public sector and private sector (macro-financial side) have over-consumption followed the process of the accumulation of the public debt. The outputs suggest that the level of the public debt in 2016 is above the benchmarks, which means that there is a violation of the operationalisation of the debt criterion in 2014.
Property tax is a local income, which is applied in all modern tax systems. It is a part of direct taxes with personal income tax and corporate income tax. Property tax has a low level of the abundance, but it is represent one of the most important tax form. Presenting the institutional and legal framework and individual findings on the fiscal importance of the property tax, the aim is to emphasize the great importance of this tax levy in the tax system of the Republic of Serbia, especially under the influence of fiscal decentralization and give recommendations for local government revenue to become more plenteous and more efficient. Taxpayers' respect for the legislation, greater coverage of taxpayers and objects of taxation are just some of the ways that will contribute to the improvement of property taxation in Republic of Serbia. ; Porez na imovinu je lokalni prihod koji se primenjuje u svim savremenim poreskim sistemima. Pripada grupi direktnih poreza zajedno sa porezom na dohodak građana i porezom na dobit preduzeća. On se karakteriše niskom izdašnošću, ali bez obzira na to, predstavlјa jedan od najznačajnijih poreskih oblika. Prikazom institucionalnog i pravnog okvira i pojedinih nalaza o fiskalnom značaju poreza na imovinu, cilј ovog rada je ukazati na veliki značaj ovog fiskaliteta u poreskom sistemu Republike Srbije, naročito pod uticajem fiskalne decentralizacije. Takođe, neophodno je dati preporuke za povećanje izdašnosti i efikasnosti ovog poreza. Poštovanje zakonske regulative od strane poreskih obveznika, veći obuhvat poreskih obveznika i predmeta oporezivanja samo su neki od načina koji će doprineti unapređenju oporezivanja imovine u Republici Srbiji.
Abstract It is generally accepted that within nations devoid of significant limitations on administrative capacity, all products and services should be subject to a uniform value-added tax (VAT). If compliance is impeccable, the c-efficiency of VAT in these countries, which measures actual revenue over prospective revenue, should be one. The establishment of a proficient VAT administration, characterized by streamlined processes and procedures, is advantageous for many stakeholders. This includes national administrations as well as individual taxpayers and citizens. The study used primary data sources to identify the relationship between tax administration and the performance of VAT. This paper offers an assessment of tax administration effectiveness in Serbia in the period from 2005 to 2022. The investigation aims to accumulate empirical information regarding administrative components that affect the c-efficiency ratio through careful observation and data collection. The study assured that tax administration significantly affects the performance of VAT. The outcome variable, the c-efficiency ratio is highly affected by the effectiveness of tax administrators.
The governments of all countries of the world have faced up with the health crisis caused by the Covid 19 virus pandemic in the previous and current year. This crisis turned into an economic crisis, considering that it was necessary to provide huge financial resources to overcome it. Governments "pumped" additional amounts of money by supplying the economy and the population with new liquidity through subsidies and one-time assistance in the form of "helicopter money". This has contributed to the deterioration of the fiscal performance of the world economies. The paper analyzes the economic and fiscal performance of the world leading economies such as the European Union, the United States, China and Russia. The aim of this paper is to point out the consequences of the applied measures in the domain of monetary and fiscal policy and influence on the increase of the budget deficit and public debt in the world. ; Vlade svih država sveta suočile su se sa zdravstvenom krizom izazvanom pandemijom kovida-19 u prethodnoj i tekućoj godini. Ova kriza je prerasla u ekonomsku krizu, s obzirom na to da je za njeno prevazilaženje bilo neophodno obezbediti ogromna finansijska sredstva. Osim toga, vlade su "upumpavale" dodatne količine novca snabdevajući privredu i stanovništvo novom likvidnošću kroz subvencije i jednokratne pomoći u vidu "novca iz helikoptera".Sve ovo je doprinelo pogoršanju fiskalnih performansi ekonomija u svetu. U radu su analizirane ekonomske i fiskalne performanse vodećih ekonomija sveta poput Evropske unije, SAD, Kine i Rusije. Cilј rada je da ukaže na posledice primenjenih mera u domenu monetarne i fiskalne politike na rast budžetskog deficita i javnog duga u svetu.
Unconventional monetary policy instruments are used in conditions when monetary policy has exhausted all the usual measures and instruments that are otherwise applied by the central bank in the regular process of conducting monetary policy. The most commonly used instruments are, of course, quantitative easing or quantitative alleviation.The aim of this paper is to point out the application of unconventional monetary policy instruments during the economic crisis caused by the COVID 19 virus pandemic in the most important banks in the world. After a theoretical overview of the concept of quantitative easing, the paper presents the empirical experiences of the Bank of Japan, the Fed, the ECB, and other central banks. Based on the analysis of applied measures and data on the use of quantitative facilities in selected central banks, it can be concluded that they resorted to the use of this instrument in times of crisis to a greater or lesser intensity. Also, the increased liquidity caused by their implementation had a significant impact on aggregate demand, inflation and GDP. This analysis can be useful to the monetary authorities in Serbia if they are to review the application of QE in the leading monetary institutions and help them to draw the conclusions that would lead to the most painless application of this instrument in the Republic of Serbia. ; Nekonvencionalni instrumenti monetarne politike koriste se u uslovima kada je monetarna politika iscrpela sve uobičajne mere i instrumente koje inače primenjuje centralna banka u redovnom procesu vođenja monetarne politike. Najčešći primenjivan instrument su, svakako, kvantitativne olakšice ili kvantitativna popuštanja.Cilj rada je da ukaže na primenu tih nekonvencionalnih instrumenata monetarne politike za vreme ekonomske krize izazvane pandemijom virusa Covid 19 u najznačajnijim bankama sveta. Nakon teorijskog pregleda pojma kvantitativne olakšice, u radu su prikazana empirijska iskustva Banke Japana, FED-a, ECB i drugih centralnih banaka. Na osnovu analize ...
