Increasing the efficiency of revenue collection in the budget of the Republic of Kosovo

Transcription

1 Increasing the efficiency of revenue collection in the budget of the Republic of Kosovo Teki Shala Budget and Finance in the Municipality of Gjakova, Gjakova, Kosovo Abstract. In recent years the global economy has experienced one of the deepest financial crises, so that in many countries the economic recession has been high. As a result of this crisis many countries have been faced with filling the ark of the state, where the level of public debt has reached a critical level. The issue of public revenues is very important in filling the state exchequer; therefore nowadays this macroeconomics variable is the main objective of all modern governments. Public revenues also affect the individual and the government of the country as well as the growth of healthy macroeconomic performance, accelerating sustainable economic growth. The fiscal system in Kosovo originates immediately after the war of 1999, and consequently are applied fiscal policy instruments that create public revenues, respectively budgetary means. Since that time the public revenues have had a positive growth trend, but without any significant impact on economic growth. For this reason, this research has practical importance in formulating effective policies in Kosovo, which will affect the increase of efficiency in the collection of revenues and achieving fiscal and budgetary sustainability of the country. Moreover, this research provides an analysis of collection of public revenues from the country's leading institutions, from Tax Administration of Kosovo and Customs. This analysis also provides opinions for the policies used so far and the way they should be used by these institutions. Considering the arguments rose in this research, it offers a good opportunity for the government of the country to take concrete steps towards the construction of new fiscal policies and thereby achieve a better performance in filling the Exchequer to cover public expenses. Keywords: Fiscal policy, fiscal system, public revenues, economic growth, fiscal stability Introduction Modern state cannot exercise public activities without forming system and policy of public revenues in order to finance general and shared expenses. Financial means, which perform functions of the state in economic science and finance, in general, are considered public revenues. While according to the author Kadri (2012), public revenues are used by the state or social-political communities or central and local governments, to meet public need based on law. Policy and fiscal system in Kosovo has its proper origin immediately after the war in 1999, when in Kosovo was established the United Nations Mission, called UNMIK. This mission was responsible for governing the country. In this period there was no fiscal system, and the one who was responsible for it was UNMIK. Therefore, on 25 June 1999, the first chief administrator of Kosovo has approved the Regulation no. 167

2 1999/1. The second important document for fiscal system in Kosovo is the Regulation no. 1999/16 on the Establishment of the Central Fiscal Authority, issued by the SRSG. In the post-war period there were businesses who had the greatest burden of tax and customs obligation (over 95% of budget revenues were collected from these sources), while it gradually decreased by increasing the tax bases in general. Thereafter followed a number of regulations that have been approved by the SRSG as Regulation no. 1999/7 dated November 6, 1999 and no. 2000/2 dated 18 February 2000, which regulate the powers and responsibilities of the CFA and the Provisional Institutions of Self-Government in the field of public finance and fiscal policy instruments. According to the Riinvest (2003), activities that have been undertake in Kosovo in recent years, on the establishment of the fiscal policy, have given significant effects in the narrow fiscal sense, because they reached very high levels of budgetary revenues, while these policies, as a prerequisite for a stable system, showed no effects on growth performance, which at the moment is becoming a crucial issue. The tax system in Kosovo has evolved from UNMIK regulations and tax laws issued by the Assembly of the Republic of Kosovo, which was made possible by the beginning of the implementation of reforms that meet international standards and principles of the EU (Tax Administration, 2011). The tax system in the countries of Central Europe, Eastern Europe and the Baltics in the initial transition period was characterized by a decline in the participation of tax revenue to GDP (Riinvest, 2003). At first, this tendency was also noticed in Kosovo, but with the reform of the tax system, tax revenues have increased. According to the author, Berisha (2015), Kosovo taxes have played and remain of particular importance, both in terms of budget revenue collection as well as in terms of participation in GDP. Another feature is the change in dynamics and participation of direct taxes on those overheads in the structure of tax revenues (Riinvest, 2003). Research Methodology This scientific work will commence with treatment of revenues theory (public) and followed by an empirical analysis of quantitative method which seeks to understand its behaviour by using data extracted from the publications issues by the Ministry of Finance (MF), Central Bank of Kosovo (CBK) and Statistical Agency of Kosovo (SAK). The analysed theoretical framework is a spacious and contemporary literature on public revenues, by national and international authors, such as scientific papers, articles and publications in the field of economic sciences. The data used in this study were obtained from secondary sources. Models for testing are collected data from the Central Bank of Kosovo and the Statistical Agency of Kosovo for the period For the assessment of public revenues in Kosovo, it was taken as an indicator of gross domestic product (GDP), where data are obtained from national and international reports that assess the performance of public revenues and the macroeconomic indicators in CBK, MF, etc. 168

3 Analysis of public revenues in the Budget of the Republic of Kosovo Based on the fiscal policy instruments, Kosovo created public revenues, respectively budgetary funds from their own sources. Thanks to economic growth, increased budgetary resources for each budgetary year, which is stated in the Government's efficiency in carrying out the duties of general and common citizens and advancing capital investment. Total budget revenues include revenues from taxes, non-tax revenues and revenues collected from services of central and local government. The public revenues (budget) also include source received from donors, borrowing, etc. Budget of the Republic of Kosovo (BRK) in 2012 realized funds in the amount of 1 billion 550 million 615 thousand euros (BRK, 2012). Table 1. Revenues in Budget of the Republic of Kosovo (BRK) Description Revenues realized in thousands (000)) Customs duty on 165,55 155,25 179,60 206,27 128, ,408 import ,066 Other customs revenue 2,341 1,300 1,864 1,244 1,462 1, Excise tax 132,38 150,35 157,62 200,00 114, , ,018 VAT 342,09 378,30 428,68 513,09 255, , ,775 Presumptive Tax 2, ,328 2, Profit Tax 9,380 3,441 4,425 8, , Personal Income Tax 29,106 33,968 43,524 39,227 44,232 55,489 59,838 Individual business tax 15,011 16,034 18,752 20,566 25,467 23,406 25,901 Corporate Income tax 31,273 53,728 64,982 55,355 51,946 52,444 61,249 Tax on Interest, Dividend, Rent, Games 5,789 1,966 1,793 2,906 1,533 1,134 1,631 of Chance Additional tax 21,274 16,612 26, Taxes unspecified 5,500 6,317 1,855 1, Fines and Fees 50, ,622 42,541 43,209 33,337 43,393 39,845 Deposit Fund 6,038 5,045 3, ,338 Dividend 200, , ,000 60,000 45,000 Bank interest 3,509 11,332 17,268 5,432 11,718 1,631 0 Municipal Revenue 27,755 29,237 42,784 48,293 52,028 55,621 59,448 Revenue from central institutions 0 25,724 29,066 29,657 48,451 59,912 44,835 Grants from donors 29,329 11,643 12,845 13,880 45,342 28,208 48,738 Other 0 7,147 5,824 3,425 3,807 2,368 53,521 Borrowings ,093 5, ,990 Total 737, , ,126 1,160,696 1,194,508 1,313,253 1,550,615 Source: Annual financial reports of BRK Kosovo Government According to the 2012 annual report the Central Bank of Kosovo (CBK), budget revenues, excluding donations and trust funds in 2012 recorded an annual growth of 18 percent, and as a result of increased Gross Domestic Product (GDP), the ratio of 169

4 budget revenues to GDP itself has shrunk to 30.6 percent compared with the ratio of 37 percent a year ago (CBK. 2013). Participation of budgetary revenues in GDP in 2009 was 28.96%, in 2010 to 27.84% and in 2011 to 27.50%, while for 2012 was made an improvement of this participation to reach about 31.54% 1 (ASK 2013). It is worth mentioning that there are great differences between the participation of the general budgetary revenues and those taxes in GDP in different countries. This discrepancy is a result of external tax resources which complement the central budget (Riinvest 2003). Categories that contributed to the accumulation of budget revenues, according to the Annual Report of the CBK are: VAT at the border and within the country, corporation tax, income tax. While the rest of the revenues from customs duties consist of the categories such as revenues from banners, domestic excise, income from fines, etc., which all together amounted to 16.9 million euro and had a share of 2 per cent in total budget revenues. In 2010 for the first time in the budgetary means were observed BRK revenues from international borrowing and later by internal public loans through the sale of investment securities. From this year we notice an increase of the debt (borrowing) and in 2012 we have a borrowing in the amount of million. Also from the data presented above in the table, municipal and central organizations revenues have undergone a satisfactory year to year growth, while grants from donors have changed from year to year and have not been at a satisfactory level Figure 1. Total revenues of BRK for the period Revenues of the BRK Source: Annual financial reports of BRK Kosovo Government As seen in Figure 1, the total budgetary revenues after a significant increase from year to year. The average annual growth of budget revenues in the Republic of Kosovo for the period was about 13.40%. The data presented in the graph, show that the VAT is the most important revenue of BRK with 33.33%, followed by excise 19.54%, borrowings by 10.77% customs tax 7.81% and other revenues follow. 1 "Economic Statistics, gross domestic product by expenditure approach ( )", publication of the KAS, Pristina , GDP for 2012 was 4 billion 916 million. 170

5 The share of trade taxes (customs duties) has marked a marginal decrease in recent years in Kosovo, following the trend in most countries of the region and the world, as a result of trade liberalization (Kosovo's membership in international organizations as CEFTA and free trade agreements FTAs with some countries) and the reduction of the nominal fees. The tax and non-tax revenues The Kosovo's budgetary revenues are provided by tax and non-tax sources, such as taxes collected at the border in the form of customs duties, excise revenues on certain goods and VAT. Internal taxes have undergone changes in the tax forms, while municipal taxes comprise of property tax, taxes, fees and fines, collected and used by municipalities. The main source of budgetary revenues in Kosovo continue to be tax revenues and without changes throughout the years of the post-war period (Pantina, 2012). Revenue from Central institutions 2,89% Municipal revenue 3,83% Fines and Fees 2,57% Chart 1. Structure of budget revenues in 2012 Other Borrowings 3,45% 10,77% Devidend 3% Grants from donors 3,14% Customs duty on import 7,81% Excize 19,54% Other taxes 0,29% Coperate income tax 3,95% Individual businesses tax 1,67% Personal income tax 3,86% VAT 33,33% Source: Annual financial reports of Kosovo Government Budget, 2012 Tax revenues. The group of tax revenues include revenues from the Customs and Tax Administration. Budget of the Republic of Kosovo customs and Tax Administration of Kosovo (TAK) collected these types of taxes as Value Added Tax, Border and Internal Excise, Customs Tax, Personal Income Tax, corporate income tax and other revenues taxes. In the 2012 Budget of the Republic of Kosovo have been collected revenues from taxes in the amount of 968 million 995 thousand euros (BRK, 2012). 171

6 Table 2. Tax revenues in the Kosovo Budget for the period Description Revenues realized in thousands (000)) Presumptive Tax 2, ,328 2, Tax Profit 9,380 3,441 4,425 8, , Personal 29,106 33,968 43,524 39,227 44,232 55,489 59,838 Incomes Tax Individual 15,011 16,034 18,752 20,566 25,467 23,406 25,901 businesses tax Corporate Tax 31,273 53,728 64,982 55,355 51,946 52,444 61,249 Income tax VAT 255, , , , , , ,775 Tax on interest, 5,789 1,966 1,793 2,906 1,533 1,134 1,631 dividends, rent, Games of Chance Excise 114, , , , , , ,018 Additional tax 21,274 16,612 26, Taxes unspecified 5,500 6,317 1,855 1, Total 489, , , , , , ,995 Source: Annual financial reports of Kosovo Government Budget, Based on the data presented in the chart, the taxes revenues have had a satisfactory year to year growths level (see also Figure 3). This trend of increasing tax revenues is a result of fiscal reform that occurred in 2009 with the adoption of new laws by the Parliament of the Republic of Kosovo. By analysing the ratio of the MF for 2012, we find that all kinds of tax revenues in the BRK have increased significantly except profit tax where there was a large decrease about 15.5 times compared to 2011 and presumptive tax was reduced about 50%, which came as a result of reforms. The chart 2 shows that VAT remains the main revenue by about 33.33% tax collected by the government for BRK-in followed by 19.54% Excise, (Corporate Income Tax (CIT) with 3.95%, Personal Income Tax (PIT) 3.86%, etc. Also, it is worth noting that 2012 budget revenues from taxes accounted for 62.49% or about 2.1% lower than the previous year and revenues from non-tax sources percent. There is a tendency of decreasing tax revenues in total budget revenues. The trend of falling tax revenue shows unsatisfactory level of economic development of Kosovo. 172

7 Figure 2. Tax revenues in the period Tax revenues (000) Source: Annual financial reports of Kosovo Government Budget, In order to have a clearer picture about the tax revenue collection, we see that the share of tax revenues in GDP in 2012 was about 19.71%. Chart 2. Structure of tax revenues collected for BRK 2012 Non-tax revenues 37,51% tax on interest, devidents, rent, gamesof chance 0,11% Excive 19,54% Taxes unspecified 0,004% Coporate revenue tax 3,95% Individual business tax 1,67% Presumptive tax and profit tax 0,03% Personal income tax 3.86% VAT 33,33% Source: Annual financial report of BRK in 2012 the Government of Kosovo Non-tax revenues. Non-tax revenues have a major role in filling the ark of the state of Kosovo. As non-tax revenue collected by the Kosovo institutions for BRK-in are: customs duties, fines and fees, Dividend, the incomes of municipalities and central institutions, donations, loans and other revenues. 173

8 Table 3. Non-tax revenues realized in the BRK in Description Revenues realized in thousands (000)) Customs duty on 128, , , , , , ,066 import Other Customs 2,341 1,300 1,864 1,244 1,462 1, revenue Fines and Fees 50, ,622 42,541 43,209 33,337 43,393 39,845 Devidenta , ,000 85,000 60,000 45,000 Bank interest 3,509 11,332 17,268 5,432 11,718 1,631 0 Municipal revenue 27,755 29,237 42,784 48,293 52,028 55,621 59,448 Revenue from 0 25,724 29,066 29,657 48,451 59,912 44,835 central institutions Gants fom donors 29,329 11,643 12,845 13,880 45,342 28,208 48,738 Deposit fund 6,038 5,045 3, ,338 Other revenue 0 7,147 5,824 3,425 3,807 2,368 53,521 Borrowings ,093 5, ,990 Total 248, , , , , , ,620 Source: Annual financial reports of BRK Kosovo Government In 2012, the share of non-tax revenues in total revenues is quite high around 37.51% and has a tendency to increase as a result of increased borrowing, despite a significant reduction of the rate of collection of customs duty. Non-tax revenues in the budget of the Republic of Kosovo in relation to GDP for 2012 is approximately 11.83% Chart 3. Structure of non-tax revenues collected for BRK 2012 Customs duty on import 7,81% Other customs Fines and fees revenue 2,57% 0,05% Devideds 2,90% Revenue from central institutions 2,89% Municipal revenue 3,83% Grand from donor 3,14% Other revenue tax 62,49% Other revenue from borrowings 10,72% Deposit fund 0,09% Other revenue 3,45% Source: Annual financial report of BRK to viin 2012 the Government of Kosovo 174

9 Domestic and border Revenues Based on the analysis of financial reports of the Ministry of Finance we note that in recent years the revenues from taxes and fees in the Republic of Kosovo collected at the border. Trend of revenue collection at the border continues to be high compared with that collected inside the territory of Kosovo. Table 4. Revenues in BRK from internal and border revenues in Description Revenues realized in thousands (000)) Revenues collected by Customs Revenues collected by TAK Other revenue collected by the central and local institutions 456, , , , , , , , , , , , , ,151 98, , , , , , ,677 Total 737, , ,126 1,160,696 1,194,508 1,313,253 1,550,615 Source: Annual financial reports of BRK Kosovo Government As shown in Chart 4, the structure of total budgetary revenues in 2012 was as follows: revenues collected at the border participate with 54.35%, revenues collected within the country (TAK) are 16,20% and revenues collected by the central and local institutions and other revenues are 29.45%. So as we can see from the classification, the Kosovo budget is fulfilled revenue over 70%. Other revenue collected by the central and local institutions 29,45% Chart 4. Structure of total revenues in Revenues collected Customs 54,35% Revenues collectet by TAK 16,20% Source: Annual financial report of BRK in 2012 the Government of Kosovo Border revenues (customs). Revenues from customs duties, or border revenues are the main source of general budgetary revenue in the Republic of Kosovo. 175

10 In 2012, funds were collected for the Kosovo budget from border crossings in the amount of 842 million 787 thousand euros BRK, 2012). As shown in Figure 6, these revenues account for about 54.35% of total revenues for 2012, and if we look at the relationship between Gross Domestic Product, we see that the share of these revenues is in the range of about 17.14% on average over the year Table 5. Revenues in BRK from the border in Description Revenues realized in thousands (000)) Excize 114, , , , , , ,018 Customs tax 128, , , , , , ,066 VAT 210, , , , , , ,864 Other border 2,341 1,300 1,864 1,244 1,462 1, revenues Total 456, , , , , , ,787 Source: Financial reports for the years MF According to reports published by the Ministry of Finance of the Republic of Kosovo as the data presented in Figure 3, we see that the trend of revenue collection at the border continues to be quite high Figure 3. Revenues from the border over the years Revenues by border Source: Annual financial reports of BRK Kosovo Government This results still with filling the Exchequer through border crossings. This policy of the Kosovo institutions continues to discourage Kosovo businesses because they are obliged to pay VAT at the border on still unsold merchandise. Because of this policy, Kosovo businesses have problems with financial liquidity and are often forced to go bankrupt or enter into commercial bank loans and thereby enhance their financing liquidity gap. The trend graph presents revenue collection at the border. This characteristic of collecting revenue from the said low level of economic development that is Kosovo. So in 2009, the formation of the total assets of the budget of Kosovo border was 54.63% (customs 13.38%, excise 12.95%, VAT 28.20%), in 2010, accounted for 58.55% (customs 4.15%, excise 13,20%, 30.20% 176

11 VAT), in 2011 this share was 62.94% (customs 15.04%, excise 15:23%, 31.89% VAT). and in 2012 the turnout was 54.35% (7.81% customs, excise 19.54%, 26.95% VAT). The structure of revenues collected by type of revenue at the border of Kosovo in relation to total revenues border in 2012 are: VAT with 49.58%, Excise 35.95%, duties or 14.36%, other revenues collected the 0.1% limit. Other revenues collected by TAK, central and local institutions 45,65% Chart 5. Structure of border revenues in 2012 Excize 19,54% Customs tax 7,81% Other revenus from border 0,05% VAT 26,95% Source: Annual financial report of BRK in 2012 the Government of Kosovo Domestic revenues (internal). Revenues that are collected inside the country by the Tax Administration of Kosovo, constitute the most important revenue of the state budget in Kosovo after those collected at the border. Based on the analysis made by various reports of local and international organisations note that the trend of increasing differences in the realization of revenues at the border continues to be high. This trend lies in the fact that Kosovo still trade deficit with other countries is very high. Table 6. Revenues in BRK from domestic revenues (internal) Përshkrimi Revenues realized in thousands (000) Presumptive tax 2, ,328 2, Profit tax 9,380 3,441 4,425 8, , Corporate revenue tax 31,273 53,728 64,982 55,355 51,946 52,444 61,249 Personal revenue tax 29,106 33,968 43,524 39,227 44,232 55,489 59,838 VAT 44,474 49,480 37,699 51,015 67,991 94,317 98,532 Individual business tax 15,011 16,034 18,752 20,566 25,467 23,406 25,901 Tax on Interest, 5,789 1,966 1,793 2,906 1,533 1,134 1,631 Dividend, Rent, Games of Chance Other tax 26,773 22,928 28,331 1,389 2,182 1,903 3,479 Tatal 164, , , , , , ,151 Source: Annual financial reports of BRK Kosovo Government 177

12 There is a trend of increased tax revenues collected by TAK. Revenue performance by TAK, by year and any tax for the period 2006 to 2012 is presented graphically, including the percentage of participation for any tax in total revenues TAK, Figure 4. Domestic revenues (internal) over the years Collected revenue by TAK Source: Annual financial reports of BRK Kosovo Government Referring to Figure 4, we see the share of revenues collected by TAK compared to total revenues of BRK is 16.12%, while the revenues collected at the border and other central and local institutions are %. All this comes as a result of extremely high import as a result has very low development of the country's economy. So our economy still according to data presented shows that depend largely on imports. As a result, this also depends from the state checkout. While the structure of revenues in 2012, according to the type of income, greatest participation had revenues from VAT with 45.64%, Corporate Tax with 22.08%, PIT 21.16%, tax on individual business 9.13%, monthly statement of withholding and payment of tax on interest, dividends, royalties, rents, lottery winnings and gambling 0,57% Presumptive Tax 0.14%, profit tax 0.04% of tax and other taxes 1.23%. 178

13 Tax on interest, devidends, rent, games of chance 1% Chart 6. Structure of revenues collected by TAK 2012 Other tax 1% Presumptive tax 0% Profit tax 0% Individual business tax 9% Corporate tax 22% VAT 46% Personal income tax 21% Source: Annual financial report of BRK in 2012 the Government of Kosovo To better reflect this assertion, next we will introduce other relevant data. The most important tax collected by TAK is VAT which takes part in relation to the total revenues with 6.35%, CIT with 3.95%, PIT 3.86% and other taxes. The tax revenues, collected by the Tax Administration for the Budget of the Republic of Kosovo in 2012, participate in the GDP with 5.10%, which by many domestic and foreign experts was estimated to be very low and an obstacle to the country s economic recovery. This shows that taxes collected by TAK are till low. VAT collected inside is extremely low at around 19.14% of the total collected, while the VAT on the border gathered 80.86% of VAT collected. Chart 7. The structure of the revenues collected by TAK in relation to the total revenues in Personal income tax tax revenue 3,86% Corporate income tax 3,95% Individual business tax 1,67% VAT 6,35% Revenues collected by customs and other 83,88% Other tax 0,29% Source: Annual financial report of BRK in 2012 the Government of Kosovo 179

14 Conclusions Filling the Exchequer, or budget of the Republic of Kosovo is a preoccupation for Kosovo institutions. In recent years there has been satisfactory progress in terms of revenue collection, which increased from year to year. If you look at the annual reports of the Ministry of Finance had increased notice that almost all types of revenues. According to the MF data average annual growth of revenues was 13.4%. This growth has contributed to a large extent taking dividend by the Post and Telecom of Kosovo (immediate income) and since 2010 also receiving loans (internal and external) by the government in 2012 when the government of Kosovo has borrowed million for BRK. The growth of budget revenues in Kosovo as noted has been very positive trend in terms of providing budgetary resources, but in our analysis we found that budgetary revenues in GDP in recent years has not shown any progress, which is the best proved with the data presented in this research. One of the biggest problems that followed the Kosovo institutions in revenue collection was its dependence on the border. Collection of revenues on the border must be one of the most worrying problems and such a condition does not guarantee a country's budget stability. This concern was raised by many international and national reports. This argument, which revenues continue to flock to the greatest extent in the border, reinforces the conclusion that no negative impact on economic development and as a result businesses are affected by the burden of payment of tax obligations before they realize their business income. It is noticed that there is a tendency of decrease of customs duty, as a result of FTAs with several countries that has managed Kosovo and Kosovo's membership in CEFTA. Based on these trends, it is expected that this tax in the future becomes decreased. Also the launch of negotiations for an SAA with the EU will affect that these revenues will be significantly reduced because there will be trade liberalization with these countries. For this reason, the Government of Kosovo should think carefully about their compensation with alternative revenues. Other taxes collected by TAK as: Corporate Income Tax, Personal Income Tax and other taxes have a relatively low collection rate compared to overall revenues despite a positive collection trend. Recommendations Regarding the concerns raised in the survey, Kosovo's institutions are recommended: To create a sustainable environment for economic growth, which is an essential condition to ensure greater budgetary revenues and long-term budget sustainability; To take urgent steps to Improve Economic and fiscal policies by enabling easer tax and VAT payment to the businesses; To ensure an increased and efficient tax collection, by raising civic awareness for payment of taxes; Through an operational plan to change the relationships between domestic and taxes at the border by raising the efficiency of internal tax collection, without neglecting the importance and role of border taxes; To reform the Tax Administration (TAK) and Customs of Kosovo, To take urgent steps to reduce the size of the informal economy and tax evasion. 180

15 References Berisha, A. (2015). "The budget and the budget revenue performance in Kosovo," University "Ismail Qemajli" Scientific Bulletin 2, Volume 2, 2015 Vlore. Sabri Kadri, Public Finances Myrvete Badivuku-Pantina, Erdin Maloku challenges of economic development in Kosovo and their impact on the country's budget, Globus College, September 2012 Pristina Kosova budgetary sustainability and fiscal policy, Prof. Ph.D. M y rv e t e Pa n t i na and R e s e a rc he r- a g ro- e c on omi s t F a t on O s ma n i, Finance Accountancy, No. 7 ~ 2008 The Law on Budget of the Republic of Kosovo in 2012, 20 December CBK Financial Stability Report no. 03, December 2012 CBK Balance of Payments no. 11, March CBK Annual Report 2012 Pristina 2013 Medium Term Expenditure Framework Annual report of the Budget for 2007 Budget 11. The Annual Report for 2008 Budget 12. The Annual Report for 2009 Budget 13. The Annual Report for 2010 Budget 14. The Annual Report for 2011 The Annual Report for 2012 budget UNMIK Regulation no. 1999/1 dated June 25, 1999 approved by the SRSG Mr. Bernard Kuchner. Some issues of construction and implementation of fiscal policy in Kosovo, "Riinvest, 14 February 2001 Pristina "Budgetary system of Kosovo - policies and sustainability" research paper, Riinvest, Pristina, 12 June Customs and Excise Code of Kosovo, Article 2, "Compliance Strategy ", the Tax Administration of Kosovo, Pristina in September Compliance Strategy Tax Administration of Kosovo, September 2011 Pristina. Annual Report 2011, Kosovo Customs, March 2012 Pristina Series 3: Economic Statistics, gross domestic product by expenditure approach ( ), publication of the KAS, Pristina