There are several factors that have been identified in both theory and practice of management that influence the development of modern entrepreneurial organizations. In recent years, innovative management has been particularly prominent in this field, which is given the role of a basic economic and social factor. In this paper, we want to analytically and objectively present the innovative management. Based on that, we came to the conclusion that innovation is the key to the development of any business, but that it differs significantly based on the type of business. For the effective and efficient innovation implementation, it is necessary that every entrepreneur and manager first gets acquainted in detail with the potentials of their organization, and only then develop a strategy that will ensure the growth and development of their business.

In this paper, authors consider the concept of property from the aspect of taxation and associate it with the principles of justice and equality of citizens who make up one community. The paper rely on the discussion of the social contract as well as the work of Loka and Hobs, who considered the formation of the social community, the theory of natural law and the distinction between equality and freedom, and on the basis of their guidelines, the authors try to define the path towards social well-being. This path to social well-being should be based on an adequate distribution of wealth as well as taxation of it. Only with just treatment, even the one where Justice is based on the theory of natural law, one can speak of the welfare society. The authors argue that fair taxation can not affect the resolution of social differences in society and in the work they have come to deny this attitude and at the same time confirm the alternative hypothesis that there are at least some aspects in which the solution of social differences can be achieved by taxing the entire property of both, physical and legal entities.

The aim of this paper is to offer a review of current issues related to fiscal federalism, tax competition, tax harmonization and used approaches for their definition. With regard to tax harmonization and tax competition affirmative or negation arguments for and against these two terms have to be analysed. The establishment of a single (common) market was the primary goal made in the first half of the twentieth century by the most developed European countries, which wanted to prove they have had very serious thoughts about implementing all kinds of integration. Common Market is designed to fit the international institute based on the four pillar structure known as the 'four essential freedoms' - a smooth flow of services, people, capital and information. Even today we have a wide open debate, whether to harmonize the tax treatment of business activities in the EU member countries, or just to enable the mutual competition between national tax systems. The implementation of harmonization and competition in the fiscal systems of some European Union countries was marked by concrete initiatives. They mainly related to harmonization of direct and indirect taxes, tax bases and tax rates. Tax harmonization began with signing the Treaty of Rome (1957), followed by the foundation of different bodies, commissions and/or committees for preparing and presenting the reports related to fiscal harmonization and fiscal competition within the European Community. Most of these reports did not meet expectations and, according to the opinion of experts from several EU member states, they should have been used as an important material for future scientific research, rather than information on fiscal harmonization.

Decentralisation is one of the key concepts of governing in Europe. In this way, state authority wants to be close to its citizens in order to increase 'democratic management' and the feeling of citizens that the state takes care of them. However, a greater bureaucratic administration causes higher expenditures which have to be financed. So, the problem of distributing tax revenues between central and local authorities accrues. This working paper has the goal to show the current model of distribution in Serbia and to make proposals how to improve this system. A special analysis will be made about local authorities in the region of Sandžak, because this region is one of the least developed in Serbia.

Modern organisation of the state has to be such that every citizen should be able to influence everyday's political decisions. However, this idealistic goal is difficult to achieve in practice. Therefore, we have to find an adequate system of distributing tasks among different levels of government. This distribution is further complicated by the fact that every task has to be financed by public revenues. This working paper has the goal to show the current system of local communities in Serbia and to show a way how to improve the work of local governments by receiving revenues for their obligations. According to the opinion of the authors, reorganisation of the current system of local governance in Serbia will lead to a more efficient bureaucratic apparatus.

Islamic banking presents a new banking concept which works without interest. After the financial crisis in 2007, interest for Islamic banking has been growing, because Islamic banks have coped better with the crisis, as they do not use speculative financial instruments, as for example derivatives. Due to growing interest for Islamic banking, in this working paper we want to analyse the challenges at establishing Islamic banks. Besides presenting these challenges, we want to show whether these challenges are opportunities or threats. Furthermore, in this working paper we want to analyse in which way Islamic banks can improve the mobilisation and investment of savings.