Page 63 - Ekonomija i Biznis_juli-avgust 2016.indd

ECРУOБNРOИMКАY
the business sector flew into the state
treasury – without an announcement
and a plan!?
Third, many citizens were surprised
with the tax solutions delivered by the
Public Revenue Office for inclusion in
the register of VAT taxpayers. Without
amendments and changes of the Law on
VAT, only with “slightly wiser” interpre-
tations, the citizens that leased prem-
ises to companies, and in this manner in
the previous year they realized a gross
revenue (net lease + personal income
tax) of more than 1,000,000 denars, be-
came VAT taxpayers. The tax authority
(according to the data from their Annu-
al tax registration application) obliged
them with 18% VAT for the past year for
the amount of received money (which
includes the personal income tax). The
effect was outpacing of the income from
this public duty by more than 25% com-
pared to last year’s quarter. Unfortu-
nately, this would be followed by quar-
ters with significantly lower yield of this to the end. The most recent disruption
tax.
These were only three most recent ex-
amples of emotionally determined mac-
roeconomic (tax) policies. Such emotion-
al measures are also implemented in
culture, in agriculture, in investments,
in jurisdiction, without in-depth analy-
ses and accompanying indicators, ex-
pectations and alternatives, if the basic
option fails, without cost-benefit, etc.
In the end, the most recent example
of the emotional determination and
running of the policies is the current
positioning of the budget deficit.
With the fiscal strategy of the Re-
public of Macedonia for 2014-2016, the
deficit for 2016 was supposed to be an
amount of only 2.6% of the GDP, and
with the rebalancing of the Budget the
deficit would be outpaced by 40% - in-
stead of 2.6% it increased to 3.6% of the
GDP. Without a serious reason (the lack
of money is not a real reason), the target
indicators from the Strategy are aban-
doned. The comfort in the spending of
public finance is more important than
the assigned goals!?
Let us finish this text with an example
from the public finance. Namely, in the
borrowing, the emotions instead of the
economic ratio are more visible. The
Minister of Finance at the time stated
that even the halved Eurobond would
be sufficient to close the budget deficit
for 2016. In the meantime, as if he for-
got what he stated, he strengthened the
national indebtedness and finalized the
project for issuance of a new Eurobond
in an announcement.
The mathematics still does not match
of the emotional plan for borrowing is
the announcement for termination of
the European money for the infrastruc-
tural projects. What choice will be made
in accordance with the new reality? Will
the indebtedness increase or will the
spending reduce? It is the right time to
choose the second option, like infatuat-
ed persons. This is even more necessary
because of the announcements of the
increases of the pensions, the salaries of
the administration, the social benefits…
The indebtedness as a perpetuum-
mobile of the growth of the domestic
economy is not a solution. Actually, the
Greeks presented a demonstration ex-
ercise for everyone who thinks differ-
ently.
July-August 2016 63