IMPLICATIONS OF THE COVID 19 PANDEMIC ON TAX REVENUES LEVEL IN THE REPUBLIC OF SERBIA

Abstract

The issue of achieved tax revenues in important for
every country, especially today in the conditions of the current
COVID-19 pandemic. The negative effects of coronavirus are
reflected in increased health and economic risk which is
manifested in the deterioration of the macroeconomic
framework in the world. The aim of this paper is to point out the
importance of tax revenues that they have in the tax structure,
especially in crisis situations. The subject of the paper includes
the analysis of montly trend of tax revenues in the Republic of
Serbia for the period January-October 2020. The results of the
analysis indicate that average tax revenues were 2.21% during
the observed period. Although a deficit of 34.484 million dinars
was recorded in the first ten months, it is positive that public
revenues average increased by 2.47% wihcih is slightly higher
than the average growth of public expenditures of 1.68%. Since
value added tax and excises are the most important tax forms in
the structure of the Republic of Serbia, policymakers should
focus on stimulating consumption in order to produce positve
implications for generating revenues.