STAGES OF UKRAINIAN FISCAL POLICY FORMATION

A Tymoshenko

doi:10.18371/fcaptp.v1i22.110071

Abstract

The article is about the study of the features of the national fiscal policy formation since the days of Tsarist Russia. It have been considered the economic theories that influenced the process. It has been systematized the stages of fiscal policy development in Ukraine. It has been grounded the major taxes and tax collections during the period of New Economic Policy. It have been overviewed the scientists approaches to policy developing related to fiscal actions by the state. It has been proved that the modern economy of any state can be effective only with the regulators application by the government institutions. It has been argued that the introduction of the adjustment process has the effect in case of the application of tax instruments, which in turn provides the investment process, foreign economic activity of business entities, the development of intellectual capital and contributes to structural changes in production.

Highlights

The prosperity phenomenon of any country can be explained by the ability to build an effective fiscal policy
In multiple countries revenue and expenditure adjustment has its own characteristics which create the fiscal policy. In multiple countries their fiscal policy is substantially different in structure of revenue part and expenditure part, in the fiscal powers of certain authorities
Summarizing, we note that in retrospective analysis making attention was focused on the mechanisms and instruments of fiscal policy formation

Summary

Introduction

The prosperity phenomenon of any country can be explained by the ability to build an effective fiscal policy. The state should be confident in the possibility of involvement the sufficient amount of financial resources due to various sources to finance the needs of society. There is a need to form a mechanism that would allow the government agencies to create conditions for business entities to enhance business processes and due to tax payments, to fill the required amount of treasury revenue and to direct the costs of the budget expenditures to social sector financing. That refers to the budget funds accumulation and spending management, which is the most problematic element of the effective functioning state institutions model. The theory of fiscal policy was widely studied in the scholarly papers by D.

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