Local budgets personal income tax planning
Journal Title: Visnyk Ternopilskoho natsionalnoho ekonomichnoho universytetu - Year 2016, Vol 2, Issue
Abstract
The role of personal tax income as the main source of tax revenues of local budgets and its potential in macroeconomic stabilization and microeconomic regulation are substantiated. It has been established that the amounts of budget revenues, financial support of local governments and also tax burden on taxpayers depend on the efficiency of this tax planning. The impact of general and specific factors of planning revenues to the local budgets of personal income tax is studied. To the first part of these factors we assigned the lack of unified methodology of budget planning, fiscal detachment of tax service from the process of drafting of local budgets, distribution of tax revenues between different budgets. The second part of these factors is the number of taxpayers, benefits from personal income tax, the amount of taxable income and tax rates. It has been proved that the methodology of forecasting of revenues of personal income tax, which is used by local financial organs in the budget planning, does not give an opportunity to ensure the justification income tax and consistency making at the stage of draft local budgets. Without making structural changes in the calculation of this tax it will be difficult or impossible at all to ensure correspondence between planned and actual values. The complex of organizational, technical and information events to improve the planning of revenues to the local budgets of personal income tax is proposed. In particular, it is proposed to create institutional bases of planning process, information and analytic system for calculating of this tax. This would make it possible to automate the process of budget planning and ensure the accuracy of estimated values of personal income tax with no material impact of human factor and corruption risks.
Authors and Affiliations
Vitaliy Pysmennyi
Keywords
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