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Options in the Internal Market. Studies in Contemporary Economics. Springer Science & Business Media. Jurušs, M. (1999). Theoretical Aspects of Improvement of Tax System. Doctoral thesis. Riga: RTU. Jennings, C. (2010). The EU VAT System-Time for a New Approach? International VAT Monitor, 21(4), p. 257. Keen, M. (2000). Vivat, Cvat and All that: New Forms of Value-Added Tax for Federal Systems. IMF Working Paper No. 00/83. Retrieved from Lockwod, B., De Meza, D., & Myles, G. (1995). On the European Union VAT


Globalization of the world economy and increased international trade in economic development of countries seriously affect Customs Services and changes customs functions. Moreover, the measurement efficiency and effectiveness of Customs Services are determined based on an accurate identification of the customs functions to be performed and on the basis of the amount of dynamic analysis. The article shows that significant reduction of the customs fiscal function is identified in the period when Latvia joined the EU Customs Union. The reduction took place due to the country’s efforts to improve business environment and strengthen the competitiveness of enterprises, as well as to improve tax administration system.


The paper evaluates the size of the cyclical and structural components of the fiscal deficit of the Republic of Serbia for the period from the first quarter of 2002 to the second quarter of 2014. The method of the European Central Bank was used, where it is assumed that cyclically sensitive elements of state are budget income tax, profit tax, value added tax on the value, excises, social security contributions and unemployment benefits. Elasticity of cyclically sensitive elements relative to their macroeconomic bases are estimated using the VEC model with error correction. The results suggest that automatic stabilizers generally played a more prominent role than consistent countercyclical discretionary fiscal policy, which means that the discretionary measures were late or were not well targeted.

) (Council Directive 2006/112/EC - on the common system of value added tax). FANNING S. F., 2005, Market Analysis for Real Estate. Concepts and Applications in Valuation and Highest and Best Use. Appraisal Institute. Chicago, Il. GACA R., 2016, Interpretacje pojęcia nieruchomość podobna (Interpretations of the Concept of Similar Property) [in Polish], Rzeczoznawca Majątkowy No. 1(89), PFRSM, Warszawa. PFRSM, Warsaw. GRISSOM, T.V., 1985, Value Definition: its Place in Appraisal Process, “The Appraisal Journal”, April. GOŁECKI M.J., 2011, Między pewnością a efektywnością


This paper explores the size of the informal economy in Bosnia and Herzegovina (BiH) over the period 1998- 2016, based on an indirect method of measurement known as the MIMIC approach (Multiple Input Multiple Causes). As the underlying determinants of the informal economy in BiH we include tax burden, the level of unemployment, the size of the agricultural sector and the level of government subsidies. We estimate that the average size of the informal economy for the observed period was 34% of GDP, with the largest percentage in 1998 (43%) and the smallest in 2009 and 2016 (30%). There is a modest decreasing trend in the size of the informal economy over time. Our model identifies two structural brakes over the observed period. The first is positive and is linked to the introduction of the value added tax in 2006 (a decrease in 2007-2009 follows). The second captures a short-run negative effect of the latest global economic crisis in 2009 (an increase between 2010-2011). To further asses these results and check their consistency with available primary data, we investigate the size of the undeclared work, assess tax morality and the additional income of families coming from informal sector. These indicators provide consistent results with those of the MIMIC approach.


This research is based on tax policy opinion survey data collected in Bosnia and Herzegovina (B&H) among tax experts. A special focus of the survey was to investigate the consequences of the different institutional environments that exist between the two entities of the country. After having reviewed all previous tax reforms in B&H, the most interesting results suggest that respondents agree on the introduction of a progressive personal income tax (PIT) and excise duty on luxury products, the maintenance of personal and family allowances and the maintenance of the current value added tax (VAT) and corporate income tax (CIT) rates. However, differences exist in the respondents’ perceptions about the introduction of reduced VAT rates, the regressivity of the VAT, and giving priority to the equity principle over the efficiency principle in taxation. Probability modelling highlighted these differences and indicated inconsistencies in the definition of the PIT tax base, namely the comprehensiveness of the PIT base under the S-H-S definition of income.

://> EBF_Report_on_O2T_system_for_application_of_VAT/$FILE/Acrobat%2 0Document.pdf [Accessed 5 November 2010]. European Commission, 2006. Consultation Paper on Modernising Value Added Tax obligations for financial services and insurances [online]. Available at: <> consultations/tax/modernising_V AT_en.pdf [Accessed 5 January 2011]. European Commission, 2007. Accompanying document to the Proposal for a Council Directive, COM/2007/747, Impact assessment [online]. Available at: <http

References Arsić М., Altiparmakov N. (2012) Poreska pravičnost PDV sistema u Srbiji. Beograd: Fiskalni savet Republike Srbije. Auerbach A. J. (2010) A Consumption Tax, The Wall Street Journal Blažić H. (2010) Distributivni učinak PDV-a: usporedna analiza. Sveučilište u Rijeci: Ekonomski fakultet. Caspersen E., Metcalf G. (1994) “Is a Value Added Tax Progressive? Annual Versus Lifetime Incidence Measures”, National Tax Journal, 47. The National Bureau of Economic Reacearch; Dostupno na: Djurovic-Todorovic J., Djordjevic M

- przesłanki dla polityki żywnościowej, Zagadnienia Ekonomiki Rolnej, 1, pp. 19-33. Gurgul H., Wolak J., 2008, Popyt na alkohol w Polsce: Estymacja modelu AIDS, Metody Ilościowe w Badaniach Ekonomicznych, 9, pp. 149-158. Janský P., 2014, Consumer demand system estimation and value added tax reforms in the Czech Republic, Czech Journal of Economics and Finance, 64(3). Kwasek M., 2008, Dochodowa elastyczność popytu na żywność, Wiadomości Statystyczne, 5. Lloyd G.H., 1771, An Essay on the Theory of Money, London. Moro D., Sckokai P., 2000, Heterogeneous preferences in household

since 20123 an additional European investment plan financed by newly-issued bonds and backed by supranational taxes. In particular, this civil society movement led by several UEF national sections and backed by trade unions and other non-profit organizations, proposed to use the Financial Transaction Tax (FTT), and a CO 2 tax. In addition, it can also be considered, as possible new fiscal resources, a share of the Common Consolidated Corporate Tax Base (whenever it is agreed in the Council), a share of the Value Added Tax (VAT) base, and an air