JEL Classification: H20; H60.
Holovko Mykhailo, graduate student of Finance and Banking, Private higher education institution «European University», Kyiv, Ukraine
EVALUATION OF THE STRUCTURE AND DYNAMICS OF TAX REVENUES TO THE CONSOLIDATED BUDGET OF UKRAINE
Introduction. The beginning of the transformation of the country’s financial management system towards the transition to medium-term planning, the reform of tax and budgetary systems, and the implementation of key indicators of the state budget in 2016 have become important steps in ensuring the required level of macroeconomic stability. Gradual restoration of economic stability in the state and improvement of financial results of the business entities, reducing the tax burden on the general wage fund has had a positive impact on the system of formation of revenues to the Consolidated Budget of Ukraine, however, the reform of tax and budget relations in the direction of fiscal decentralization continues, that substantiates the need for an analysis of the structure and dynamics of tax revenues to the Consolidated Budget of Ukraine.
Purpose. The main objectives of the study are to analyze the annual volumes and structure of tax revenues to budgets of all levels for 2010-2016, assess the rate of growth of tax revenues and compare their values with the rates of increase in the total volume of revenues of the respective budgets, the definition and analysis of the coefficients of tax revenue elasticity, analysis of dynamics the share of the main budget-forming taxes in the structure of the budgets of Ukraine for 2010-2016.
Results. It has been found that over the past 7 years (2010-2016) the annual tax revenues to the State Budget have increased by 3,02 times, respectively, the growth rate of tax revenues is higher compared to the rate of increase of the total volume of revenues of the State Budget. In the structure of tax revenues to the State Budget for the period under study, the growth rate of indirect taxes is similar to the growth rate of direct taxes (2.86-2.86 times). The change in the volume of tax revenues to the State Budget under the influence of certain economic indicators was determined and analyzed, for which the coefficient of elasticity of tax revenues is calculated. On average, over 7 years (2010-2016), it was found that with a change of 1% of GDP (in actual prices), the amount of tax revenues to the state budget of Ukraine increases by an average of 1.79%, which justifies the conclusion that tax Receipts as a whole are elastic, i.e. their volume increases faster than the volume of GDP. The strongest impact on the total amount of tax revenues to the State Budget from among the factors analyzed is the change in household incomes and the volume of industrial products sold.
Conclusions. On the basis of the analysis, the assumption is made about the expediency of adjusting the current corporate income tax system by significantly reducing its fiscal efficiency.
Keywords: tax system, transformation of the tax system, reformation of the tax system, reform, tax, tax revenues.
- Bohatyr’ova, Ye. M. (2016), “Tax Reforms in Ukraine: Effectiveness and Strategic Reference”, Rh.D. Thesis, Finance and Credit, Odessa National University of Economics, Odessa, Ukraine.
- Horyn, V. (2013), “Problems of increasing the fiscal efficiency of the value added tax”, Halyts’kyy ekonomichnyy visnyk, vol. 2(41), pp. 118-126.
- Hubar’, A. (2013), “Forecasting the amount of corporate income tax revenue to the State Budget of Ukraine”, Matematychni metody ta modeli v opodatkuvanni, biznesi, ekonomitsi [Mathematical methods and models in taxation, business, economics], Materialy Mizhn. nauk.-prakt. konf. [International scientific and practical conference], Kiev, Ukraine, pp. 161–165.
- Zhyber, T. V. and Marchenko, O. V. (2012), “Implementation of the fiscal function of the corporate profit tax in Ukraine ”, Formuvannya rynkovoyi ekonomiky, vol. 27, pp. 336-345.
- Krysovatyy, A. I. Mel’nyk, V. M. and Koshchuk, T. V. (2016), “Essence and conceptual foundations of tax policy formation in the conditions of European integration processes”, Ekonomika Ukrayiny, vol. 1, pp. 35-51.
- Ministry of Finance of Ukraine [Online], available at: https://www.minfin.gov.ua
- Poltorak, A. S. and Hnatenko, Ye. P. (2015), “Analysis of tax revenues in the structure of revenues of the consolidated budget of Ukraine”, Naukovyy visnyk Mykolayivs’koho natsional’noho universytetu imeni V. O. Sukhomlyns’koho. Ekonomichni nauky, vol. 2(188), pp. 269-276.
- Poltorak, A. S. and Volosuyk, Yu. V. (2016), “Comprehensive approach to quantitative assessment of tax risks of the state”, Ekonomichnyy chasopys – ХХІ, vol. 158 (3–4(2)), pp. 35-38.
- Horbulin, V. P. Vlasyuk, O. S. and Lyashenko, O. M. (2017), Pro vnutrishnye ta zovnishnye stanovyshche Ukrayiny v 2017 rotsi [On the internal and external position of Ukraine in 2017], NISD, Kyiv, Ukraine.
- Samusevych, Ya. V. (2015), “Reforming the tax system of Ukraine in the context of tax competition”, Rh.D. Thesis, Finance and Credit, Ukrainian Academy of Banking, Sumy, Ukraine.