PRINCIPLES OF TAXATION AND BUDGET POLICY: THE NECESSITY OF THE STIMULATION OF THE ECONOMIC AND INNOVATIVE DEVELOPMENT
VOLODYMYR SHALIMOV
PhD in Economics, Associate professor of Department of Finance,
Banking and Insurance
Central Ukrainian National Technical University, Kropyvnytskyi, Ukraine
ORCID ID https://orcid.org/0000-0001-9462-8277
E-mail: v.shalimov@ukr.net
ТATIANA MELNYK
PhD in Economics, Associate professor of Department of Finance,
Banking and Insurance
Central Ukrainian National Technical University, Kropyvnytskyi, Ukraine
ORCID ID https://orcid.org/0000-0003-1372-3585
e-mail: semenovichta@ukr.net
VALERII RESHETOV
PhD in Economics, Associate professor of Department of Audit,
Accounting and Taxation Central Ukrainian National Technical University,
Kropyvnytskyi, Ukraine
ORCID ID https://orcid.org/0000-0001-9664-4764
e-mail: reshetov.audit@gmail.com
Abstract
The purpose of the study is to analyse the current practice of taking into account the goals of socio-economic and, first of all, innovative development in the principles of the budget and tax systems of Ukraine and substantiation of approaches to its improvement.
It is substantiated that goals of socio-economic and innovative development is not properly reflected in the principles of both the budget system of Ukraine and in the principles of the tax system (basic principles of tax legislation). It is determined that direct and indirect state financial support and taxes as fiscal instruments should help stimulate economic development, stimulate and intensify innovation, but the choice of forms and methods of such stimulation needs to be justified taking into account the need to achieve specific goals. An analysis of the practices of the World Tax Code and the world practice of applying measures to support small and medium enterprises in terms of Covid-19 showed that direct state financial support is preferred in comparison with tax benefits due to clearer procedures of administration and control and further stimulation of development. It is proved that the combination of direct financial support with the using of investment and innovation tax credits with the possibility of their clear tax administration and control is the optimal mechanism in modern conditions.
The directions of reforming the system of local taxation in the context of stimulating socio-economic and innovative development in the region are offered. The need to expand the powers of local governments, local authorities and local communities to establish elements of local taxes and fees, develop a mechanism for investment and innovation tax credits and other types of tax benefits that would enhance innovation in the region are substantiated.
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