Business income tax in Ukraine and the experience of other countries
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 3, Issue
Abstract
In the article the value of the profits tax for the country was addressed and its influence on business enterprises. The dynamics of the share of income tax enterprises in GDP, income and tax revenues the state budget is analyzed. Also the international experience in taxation of profits and the probability of its implementation to domestic tax practice was discovered. The main rates of profit tax were determined in the world countries. The necessity of further improvement and reform of the taxation of profit of enterprises was justified. The tax system of Ukraine, unlike the countries of ES, is not an instrument for increasing the competitiveness of the state; it does not contribute to the growth of economic activity of economic entities. The existing system of state revenue formation reflects the imperfection of the cognitive economy of the country and is predominantly fiscal. The reform of the country's economy is accompanied by changes in the existing tax system through the adoption of new legislative acts, taking into account the impact of structural imbalances, the presence of significant volumes of shadow turnover and the payment crisis. In general, it turns out that the rate of income tax in Ukraine is close to the rate of other countries, which are still at the stage of development. But, most likely, it would be rational to think about lowering the rate of income tax in Ukraine to 16%, as this could lead to the development of business entities and the emergence of the shadow economy. Under present conditions, the taxation of corporate profits in Ukraine is one of the tools of a reliable source of income for the national budget and an element of balanced economic growth on the way to the development of a cognitive economy. The study of foreign experience of corporate profit taxation is relevant. Since in Ukraine, in difficult political, economic conditions and complicated tax and customs legislation, excessive tax burden, it is necessary to introduce this experience in order to reduce the tax burden and administer the corporate profit tax.
Authors and Affiliations
Olena Yuriivna Zham, Inna Ruslanivna Slipak
Keywords
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