International experience of implementation of tax on outflown capital: issues and perspectives for Ukraine
Journal Title: Вісник Житомирського державного технологічного університету. Серія: економіка, управління та адміністрування - Year 2019, Vol 88, Issue 2
Abstract
Reforming the current taxation system in Ukraine through changing enterprises’ profits tax into a fundamentally different approach as the tax on outflown capital causes the urgent issues concerning the peculiarities of implementation of the process. Taking into account the availability of international experience regarding the implementation of the changes, there is an opportunity to study their perspective and negative aspects, research the consequences of functioning this taxation system and evaluate fiscal and economic impact on the ecomomy of corresponding countries. Such an approach will allow to determine the ways of increasing efficiency during the realization of such implementation in Ukraine. Examining the consequences of implementation of the tax on outflown capital in Estonia, Macedonia, Moldova and Geaorgia made it possible to reveal that these countries’ experience is ambiguous. The experience of Estonia can be characterized by the most positive changes, while such reforming in Macedonia appeared to be extremely counterproductive. The conducted research of the international experience of implementation of the tax on outflown capital and experts’ evaluation allowed to single out the following principle positive aspects of the process: decrease in administrative load, facilitation of legislation control, creation of favourable business climate to attract investments (including foreign), establishment of motives for innovative re-equipping and renewal of companies’ main means. In addition, there are some risks as for incomplete budget financing, the risks of bringing pressure by tax authorities to increase budgetary incomings; the risks of increasing penalties on business, and the risks of worsening the investment climate as a result of the above mentioned facts. Taking into consideration all these factors when implementing the tax on outflown capital in Ukraine will allow to minimize the negative effect and strengthen the possibilities on realization of potential toward positive changes.
Authors and Affiliations
V. O. Herasymova, N. O. Alafanova
Keywords
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