REGULATORY POTENTIAL OF THE FISCAL SYSTEM OF UKRAINE: CONTENT AND FEATURES OF IMPLEMENTATION IN CONDITIONS OF ECONOMIC INSTABILITY
Abstract
The urgency of the topic is due to the need to study the mechanism of the regulatory function of taxes through which the state actively influences the macroeconomic processes in conditions of economic instability. In conditions of economic ups and downs, the fiscal system, as a basic element of the economy, on the one hand, provides the financial foundation of the state, and on the other hand - is one of the main tools for tax policy and government intervention in the economic system. Taxes are an integral part of the fiscal system; they are an objectively existing institution of society, and one of the factors influencing social and economic development, which requires a study of its mission and content. The peculiarities of the regulatory function of taxes in the conditions of endogenous and exogenous factors of instability are revealed. It is shown that integration into the external uncertain financial space causes a number of non-standard problems for the national system of state regulation of the economy, in particular, the problem of choosing between the policy of nominal devaluation and the policy of fiscal devaluation. The article analyzes the quantitative criteria of tax policy and their impact on the effectiveness of the regulatory function of data in Ukraine during 2014-2022. Based on the analysis the conclusion is made about the predominantly fiscal focus of regulatory measures of modern state tax policy. To assess the limitations of the regulatory and instrumental role of taxes in performing the exclusive functions of the state in the economy and society, we described the institutional limitations of the regulatory function of taxes due to their connection with the institutional structure of the economy through the channels of economic sovereignty and legitimacy, trust and state debt. The content of institutional traps related to the deficit of tax revenues to the state budget is revealed, and it is shown that the tendency to avoid these traps is an institutional feature that limits the effect of tax instruments of state regulation of economic processes. Some ways of tax reform in Ukraine are given.
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