Abstract
Introduction. The widespread use of investment tax incentives to attract private investment around the world, and especially in developing countries in the absence of sufficiently convincing evidence of their impact on the volume of investment is an important policy issue for national governments and the international community. Problem Statement. Despite the lack of convincing evidence of the effectiveness of investment tax incentives, Ukraine, like most other countries, does not abandon the practice of using them, which necessitates exploring ways (primarily improving the design features of the incentives and the reasons for the negative consequences of the use of similar incentives in the past) to reduce the risks of their introduction. The purpose of the article is to analyze investment stimulation tools in Ukraine, to determine the possible risks of their application, based on the results of theoretical research and the practice of using similar incentives in EU countries. The methods of comparative analysis, abstract logic, analogies and theoretical generalization are used. Results. Constructive elements of tax and non-tax investment incentives for industrial parks, large investment projects and certain types of economic activity introduced in Ukraine are characterized. A comparative analysis of them with similar incentives in the EU countries was carried out. The author draws conclusions about the risks of their use in Ukraine, which are caused by: rejection of expenditure-based investment tax incentives, such as investment tax allowance or investment tax credit, which are considered to be better than income-based incentives; lack of practice in Ukraine of assessing the effectiveness of the use of investment tax incentives for SEZs and TPRs that were applied in the past, one of the types of which is industrial parks; the use of tax holidays in most preferential regimes introduced in Ukraine – a temporary exemption from corporate income tax, which is considered a particularly poorly thought-out form of investment incentives; reservations about tax incentives for large investment projects, which can lead to abuses and distortions; uncertainty about the possibility of state financial support for investment projects in the period of post-war economic recovery.
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