Tax Transformation Vector In Digitalization Environment

Abstract

The article discusses various theoretical aspects of the definition “digital economy” and its form of development at various stages, taking into account the modern functioning of the Russian economy, which is particularly relevant today to pursue a source of economic growth. A retrospective analysis is carried out, highlighting the main stages that brought about a major alteration to the revolutionary transformation of relations in the economy, and a further boost to productivity in various sectors of the economy at different periods of time, with some key factors to be delineated. The crucial prerequisites for the development of the digital economy within the modern Russian economy are outlined based on the analysis of the practical experience of international companies as well as new decentralized payment systems and their role in the digital economy. The article emphasizes insufficient transformations and backwardness in the development of the taxation system as globalization proceeds, and modernization of market relations responding to revolutionary technologies in the digital economy where this imbalance is most clearly presented. In this regard, a particular emphasis is being put on the transformation of the tax and monetary systems of the State, based on the advent of cryptocurrency in the sphere of its circulation and investments. The essence and content of digital money, features of their emission and circulation based on blockchain technology are revealed. It is shown that the cryptocurrency market of modern monetary circulation requires certain transformations in the current tax system of the State, in its basic principles. There is a lack of elasticity of modifications in tax legislation in the current conditions of globalization. It is proposed to define a new vector of the tax system for a structural change in the digital economy in Russia.