Transformation of the mechanism of tax regulation in order to improve the standard of living of the population

Abstract

Tax regulation is a crucial factor in driving economic growth and societal cohesion by effectively balancing fiscal responsibilities and incentivizing behavior. The collection of financial resources through taxation serves the dual purpose of meeting fiscal needs and facilitating strategic goals in public financial management. In today’s context, establishing a strong connection between tax regulation and the improvement of living standards is essential. Enhancing the framework of tax regulation mechanisms can significantly impact socio-economic dynamics by ensuring taxation is adaptable to evolving circumstances. Fiscal authorities must prioritize improving the quality of tax administration and refining models for managing state tax risks. This article seeks to refine the mechanisms involved in shaping and implementing tax regulation with the aim of improving living standards. The study proposes that providing accessible and reliable information about tax policies and budget allocations can foster greater societal tax responsibility. Transparency in government spending helps alleviate concerns about the prudent use of taxpayer funds, ultimately influencing people’s livelihoods positively. Keywords: tax regulation, standard of living, tax regulation, tax policy, taxes, economic development, social stability.