The estimation of efficiency of tax instruments for budgeting in Ukraine
Journal Title: Економіка. Фінанси. Право - Year 2018, Vol 6, Issue
Abstract
Introduction. Taxes are the main instrument for realizing the distributive function of finance and one of the main channels for replenishing the revenue side of the budget. However, the state lacks income for full financing of expenditures, which is especially noticeable in recent years, when the deficit of the State Budget of Ukraine is growing at a record pace. Purpose. The purpose of the paper is to analyze the fiscal efficiency of tax instruments for the formation of the revenue base of budgets in Ukraine and to develop recommendations for its improvement. Results. In order to determine what portion of the revenues of the Consolidated Budget of Ukraine are tax receipts, as well as to determine how the structure of budget revenues has changed over the past three years, a structural and dynamic analysis of the revenue side of the Consolidated Budget of Ukraine has been carried out and the efficiency of the use of tax instruments for its filling has been assessed. Tax revenues are the most reliable source for generating the revenue side of budgets of all levels. The consolidated budget of Ukraine is formed on average by 80.52% with the help of tax revenues. However, this is not enough, since according to European norms, non-tax revenues in the state budget structure should not be more than 5%. This indicates the reserves for optimizing the structure of budget revenues. The following are the main budget-forming taxes: corporate income tax, personal income tax, VAT, and excise taxes. The article assesses the fiscal efficiency of these taxes. Conclusion. After analyzing the current tax system in Ukraine, we can conclude that it is quite imperfect and contradictory. The main problem for today is insufficient and unstable tax revenues to budgets of all levels. In order to increase revenues to the Consolidated Budget of Ukraine, it is necessary to review the approaches to taxation of corporate profits. Improvements also require a VAT administration system, since, despite the dominant position of this tax in the formation of consolidated budget revenues, the level of implementation of planned indicators does not reach 100%. Thus, the main task of the present day should be elimination of deficiencies in the tax mechanism, the formation of a rational structure of tax revenue of the budget, the development and implementation of an effective tax policy.
Authors and Affiliations
Valentyna Hryhorivna Yaremenko, Kseniia Volodymyrivna Harkavenko
Keywords
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