Volume 4 (2016): Issue 1 (June 2016)

One of a determinant of region management efficiency is sustainable economic development that is based on active attraction of investments and business development in the region. Thus, appeal of the region for investments can used as an indicator of authorities’ efficiency in the region. The article considers possibility of application of independent ratings of regions for an assessment of region management efficiency.

Privatisation of the banking sector is an inseparable part of development strategies used by the countries in transition. The process of transition and building a financial and market-oriented system is a complex and long-term task which, in addition to a variety of legal arrangements, involves also several institutional options, such as the Central Bank of Bosnia and Herzegovina, Banking Agency of the Republic of Srpska and Banja Luka Stock Exchange of Securities. The transition process of the banking sector in the Republic of Srpska was not implemented by rehabilitation of existing domestic banks, but by opening the banking system for the entry of foreign, more efficient banks. The level of trust in the banking sector grew in parallel with the process of bank privatisation and the arrival of foreign banks. Throughout the previous period, all the banks in the Republic of Srpska recorded a significant increase in the amount of deposits and loans placed, which implies the growth of investment and economic activities, therefore indicating the increase of the Republic of Srpska’s GDP in general. These are positive trends that demonstrate a decrease in the current lagging behind the European Union.

The relative level of fiscal revenue in relation to the total aggregate domestic product or national income is a central indicator to be established in the national economy. This indicator is the “tax ratio”. The tendency of almost every economic and especially fiscal policy is that this indicator expresses the optimal ratio between the part of the domestic product or national income, which is intended to be used for the settlement of public needs and the general economic aggregate of the latter economic categories. Its special importance lies in the design concept of medium-term or long-term social and economic development. It is necessary to determine the framework of the global distribution of the domestic product or national income, which is acceptable, on the one hand, from the perspective of a balanced and stable economic growth, and on the other hand, from the standpoint of balancing interests of all social structures of modern mixed societies.

According to the criteria applied in the EU for the rural areas, Bosnia and Herzegovina is a predominantly rural country. About three-quarters of its territory consists of rural expanses where about half the population lives. One of the biggest structural and development problems of the BiH society today is a rapid decreasing of the rural population (depopulation of villages). Population policy in rural areas should be based on appropriate economic, agricultural, regional, development and cultural policy-bit different from the previous one which squeezed young people out of the village, agriculture and other activities that are successfully developed in the rural areas of developed countries. Since the unemployment rate in Bosnia and Herzegovina climbed to an unacceptably high rate of 42,8% and that the largest number of unemployed are recruited directly or indirectly from rural areas, it is necessary to seek solutions to fully reversed process created and encouraged by many countries, especially those that want to maintain or achieve rapid economic growth.

Small and middle enterprises (SME) are becoming more and more the subject of interest in developed countries in which small and middle companies represent a factor of development. The developed countries of the word put SME into focus of their economic strategies and programs and- by concrete macro-economic measures- the aimed politics to SME has a direct impact to reduction on business costs and improvement of liquidation (thus, competitive position of SME), through tax bonds. However, BiH still does not develop tax politics and praxis of many developed countries, which causes a lack of attention and improvement of the sector of SME. This is what many research in BiH confirmed. The changes in social-economic system based on the market commerce create suitable conditions for development of various activities which should be profitable and keep up with the development, with continuous adaptation to constant changes on market, which gives the advantage to SME or, so called, small business. Such companies most often represent the collision of ownership, management and risk, so the knowledge and skill needed for successful management include a very wide range.

Employee rewarding is one of the activities of human resource management concerning the management of money, goods and services that employees receive from their employer in exchange for their work. Given that a properly designed reward system is one of the conditions for a stable business, successful performance of work activities and the achievement of set objectives in each organization, the basic theme of this paper is the employee reward system, with a special focus on different elements of it. The purpose of this paper is to describe the role and significance of the observed system and to draw attention to its role in employee’s motivation.

Based on the given analysis many conclusions have been drawn. It has been proved that a properly designed employee reward system has many advantages for the organization, which emphasizes its importance.

The importance of involving diverse stakeholders in tourism planning is receiving growing recognition. Effective tourism destination planning is a complex process, due to the existence of a wide variety of stakeholders with a wide range of opinions, multiple problem visions and different interests. Despite the complexity of the planning process one feature acknowledged for successful destination management planning is a high level of stakeholder engagement and cooperation. The implementation and success of a tourism plan often relies on the support of destination stakeholders.

The paper deals with the issue of effective tourism destination planning from the perspective of harmonizing stakeholders’ interests. It explores tourism destination planning in the Montenegrin tourist destinations, the level of stakeholder cooperation and correlation between destination plans implementation and stakeholder cooperation. An empirical research was carried on the population of 19 local tourist organizations in Montenegro. Findings and implications of the research are given in the paper. The results revealed the problem of insufficient implementation of tourism development plans and low level of stakeholder cooperation. Also, there are implications based on recently conducted research reported in this paper, that there is a strong positive correlation between the level of stakeholder cooperation and implementation of a tourism destination plans.

The real estate tax is usually a fiscal instrument which performs the property tax. When it comes to real property or immovable this term include: apartments, houses, land, cottages, excess housing landscape and more. The real estate tax as a form of the fiscal charges ownership or use of certain forms of real estate, and the revenue from this tax is levied on the area where the property is located regardless of the place of residence of its owner. The tax base for the calculation of this tax usually consists of the market, estimated or annuity value of certain real estate. This form of taxation in the Republic of Serbian applies from 1.1.2012., and its introduction has been replaced by former property taxes. The differences between the two concepts mentioned taxes are numerous and significant. Among the more important are: subject to taxation under the new concept of the real estate rather than law, a taxpayer is any property owner rather than the holder of rights to immovable property tax base is the market value of real estate which is replaced by the payment of taxes per square meter of usable area, the rate of property tax is determined local government, which can not be lower than 0.05% of the estimated value of the real estate nor higher than 0.5% of the appraised value of real estate. The last change, ie. The new law on Property Tax from 5.11.2015. was determined by the tax rate to 20%. The fact that local governments each of them determines the tax rate on real estate which range from high to low rates of multiple, makes this tax is progressive. Progression is particularly expressed in the distinction applied tax rates of developed and undeveloped municipalities, where we have a case that less developed tolerate a higher tax burden, which leads to negative economic effects. However, real estate tax has its own economic and social characteristics which must be aligned with the objectives of tax policy. This means that the real estate tax should be considered from the standpoint of the entire tax system and not from the standpoint of individual income tax forms.

Since Chinese outbound tourism currently represents the largest outbound tourist market, the opportunities for tourism of Montenegro in the Chinese tourist market should be certainly examined.

The aim of this paper is to analyze the relevant data about Chinese tourists who are visiting Montenegro: their specific demographic characteristics, travel habits and main motivation, but also to identify the possible ways to increase the number of Chinese tourists in Montenegro in future.

For the purpose of this paper, two years long empirical research was conducted among Chinese tourists in Montenegro with the help of questionnaire. Several interviews with representatives of tourism sector in Montenegro were carried out as well.

The authors have concluded that only after the total adjustment of Montenegro tourist offer to the Chinese tourists’ preferences, Montenegro could be completely ready for intensive acceptance of Chinese tourists. What’s more, in order to attract larger number of Chinese tourists, the effective marketing policy of Montenegro as a tourist destination should be created in that direction and as well the specialized tourism promotion at the Chinese market should be carried out.

New frameworks operating at the international level have led to the need for a broader and more complex involvement of companies in international economic flows. In such circumstances, focus on the international and global markets becomes inevitable. Each segment companies must adapt and evolve in accordance with such conditions. Marketing as an important activity of the company in selling products or services is also changing and expanding its activities in line with international market. This leads to the creation of an international marketing concept and system as a specific approach to the processing of international economic relations. An important segment of implementation of the marketing concept is the marketing communication, which in terms of the limited number of international barriers. It is certainly possible to overcome with a well-defined marketing strategy. Clearly defined marketing strategy and well-prepared marketing mix remove barriers, to meet the set goals and lead to positive results for the company.