The problem of pension financing in the system of mandatory pension insurance in the Republic of Serbia became actual after the great economic crisis of the 1990s, although this problem had been present before. Accordingly, considerable attention has been paid to the analysis of determinants of pension expenditures. Considering the fact that in the Republic of Serbia the possibilities for reducing expenditures in the system of mandatory state pension and disability insurance have already been exhausted by reforms so far, it is necessary to consider other measures and possibilities for changing the design of the pension disability system. Therefore, the subject of this paper is the analysis of the relationship between pension beneficiaries, the type and amount of pensions. The aim of the paper is to analyze the influence of the pension beneficiary and the type of pension on the amount of the pension, based on the analysis of the collected data.
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.
Changes in the payment systems of some countries, initiated by the use of cryptocurrencies, have opened up many dilemmas in the economic literature. Although knowledge of this phenomenon has not been yet sufficiently crystallized, some states managed to regulate its use. In this paper, we investigate whether cryptocurrencies can be considered аs а currency, which has drawn increasing attention from regulators who are concerned about tax, insurance and other consequences related to the legal treatment of cryptocurrencies. The subject of the paper is to analyze the history, characteristics and level of cryptocurrency regulation in the world. The aim of the paper is to analyze the possibilities for regulating cryptocurrencies in the Republic of Serbia through the analysis of countries where the use of cryptocurrencies is legal.
Although a complex taxation system can affect a company's operations, its negative effects can be significantly greater at the macroeconomic level. Given the fact that it can make it more difficult to attract investments and collect revenue, the corporate income tax system has been the subject matter of numerous research studies for many years now. Modern business conditions initiated their frequent reforms, as well as the numerous dilemmas related to them. The paper deals with the taxpayer as an element of corporate income tax. Although numerous papers investigate the (dis)unity of tax systems in defining corporate income taxpayers, few authors examine the economic effects of these discrepancies. Also, most research studies are focused on examining the other elements of this tax form, such as the tax rate or tax incentives. In this paper, an effort is made to find a connection between the form of the organization of a business entity and the tax burden in the domain of corporate income tax. The research study aims to indicate the importance of the economic effects of this tax element and to propose its reform. The research has confirmed the initial assumption, respectively; it has shown that different forms of the organization of business entities bear different burdens of paying corporate income tax, which affects the amount of the tax revenue that could be collected. The results have shown that the sampled companies paid less tax due to corrections and adjustments in tax balances and tax returns.
The paper empirically examines the effects of incentives in the domain of corporate income tax in Serbia between 2007 and 2018. The main aim of the paper is to test for effects of tax incentives on economic growth. To achieve the stated aim, a dataset consisting of 10 indicators will be analyzed by using the Principal Component Analysis method. This method allows the initial set of predictors to be transformed into a set of uncorrelated components, and allows linear regression to be performed. In accordance with the results of the analysis, the proposal for parametric reform should be based on the abolition of certain tax incentives in order to increase the efficiency of corporate income tax and improve business conditions. The analyzed data has shown that certain corporate tax incentives have had a significant effect on economic growth. Taking into consideration the adverse effects of the coronavirus crisis, the authors give recommendations on what should be developed in the domain of corporate income tax.
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