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Europe > Montenegro

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Cover IMF Working Papers
Labor Taxation in the Western Balkan: Looking Back and Forward
Mr. Alain Jousten
,
Mario Mansour
,
Irena Jankulov Suljagic
, and
Charles Vellutini
This paper examines how labor taxation (personal income taxes and social security contributions) in the Western Balkan contributes to labor market outcomes such as high informality and a significant gender gap in participation rates. We find that limited progressivity combined with high tax wedge on low incomes poses a major twin equity-efficiency challenge in the region, resulting in low redistributive capacity and inadequate incentives to enter the job market. Policy implications are discussed with a view to alleviating the excessively high tax wedges on low incomes, while improving progressivity of income taxation.
Keywords:
Western Balkan; labor taxation; labor tax wedge; personal income tax; corporate income tax; social security contributions; income taxation; SSC reduction; employer SSCs; Labor taxes; Tax wedge; Wages; Labor markets; Europe
Cover IMF Staff Country Reports
Republic of North Macedonia: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
growth acceleration plan; investment trend; deviation from baseline; IMF government finance statistics database; investment plan; Public investment spending; Value-added tax; Infrastructure; Global
Cover IMF Staff Country Reports
Republic of Kosovo: Selected Issues Paper
International Monetary Fund. European Dept.
This Selected Issues paper on the Republic of Kosovo’s 2013 Article IV Consultation highlights growth and Kosovo’s external environment. In the wake of the global financial crisis, Kosovo’s economic growth slowed but remained positive, while most other Western Balkans slipped into recession. Moreover, the annual average growth rate has been among the highest in the Western Balkans since the onset of the financial crisis in 2007. Kosovo’s tax-to-GDP ratio is comparable to the average of Southeastern Europe, although its tax system relies significantly more on indirect taxation—including a high share of trade taxes. Kosovo’s reliance on trade taxes may create budgetary pressures in the event of further trade liberalization.
Keywords:
ISCR; CR; Kosovo; tax; trade; trade liberalization; FDI inflow; IMF BOP manual; trade tax; FX financing need; banking sector development; Taxes on trade; Trade liberalization; Remittances; Income and capital gains taxes; Global; Europe; Eastern Europe; Central Asia
Cover IMF Staff Country Reports
Serbia and Montenegro: Fifth Review Under the Extended Arrangement, Financing Assurances Review, Request for Waiver of Nonobservance of Performance Criteria, and Rephasing of Purchases
International Monetary Fund

This 2005 Article IV Consultation highlights that macroeconomic imbalances in Serbia and Montenegro widened in 2004, putting at risk some of the impressive earlier achievements. Growth, about 5 percent in nonagriculture since 2002, has been fueled by a surge in domestic demand. Lack of competitive domestic production has led to increased imports and a widening current account deficit. The main policy challenge is to maintain macroeconomic stability while accelerating structural reform. Fiscal policy needs to be tightened substantially, and its flexibility increased by reducing the large share of nondiscretionary spending.

Keywords:
ISCR; CR; deficit; enterprise; government; privatization revenue; enterprise restructuring; SM authorities; excess demand; SM authority; foreign currency; monetary policy; Current account deficits; Inflation; Value-added tax
Cover IMF Working Papers
Foreign Direct Investment in Southeastern Europe: How (and How Much) Can Policies Help?
Ms. Elina Ribakova
,
Mr. Balázs Horváth
,
Mr. Dimitri G Demekas
, and
Mr. Yi Wu
Gravity factors explain a large part of Foreign Direct Investment (FDI) inflows in Southeastern Europe-a region not comprehensively covered before in econometric studies-but hostcountry policies also matter. Key are policies that affect relative unit labor costs, the corporate tax burden, infrastructure, and the trade regime. This paper develops the concept of potential FDI for each country, and uses its deviation from actual levels to estimate what policies can realistically be expected to achieve in terms of additional FDI. It also finds evidence that above a certain threshold, the importance of some policies for attracting FDI is distinctly different.
Keywords:
WP; FDI flow; aggregate FDI panel regression; FDI stock; source country; cross-section regression
Cover IMF Survey
IMF Survey, Volume 31, Issue 11
International Monetary Fund. External Relations Dept.
For many years, the IMF has tracked countries’ military spending. The IMF’s Fiscal Affairs Department describes its most recent findings and also looks at patterns in military as well as poverty-reducing spending in countries with loans under the IMF’s concessional Poverty Reduction and Growth Facility (PRGF).
Keywords:
SV; IMF managing director Horst köhler signal; IMF Concludes; market; IMF Monetary; IMF staff country; IMF survey; IMF Deputy managing director; IMF publication service; IMF data; Tax incentives; Extra-budgetary funds; Defense spending; Stock markets; Financial sector development; Middle East; Western Hemisphere; Baltics; Africa; Asia and Pacific; West Africa; East Asia; Sub-Saharan Africa; Western Europe; Global