TAX MECHANISMS AND CAPITALIZATION OF ENTERPRISES
Topicality. Increasing the level of capitalization of the economy is of strategic importance for Ukraine, since market transformation in Ukraine is inherently capitalization of the economy. All this necessitates further investigation of the mechanisms of capitalization of enterprises, including tax mechanisms.
Aim and tasks. Analyze the value added tax and customs duties on exports of raw materials, identify their advantages and disadvantages in the context of capitalization of enterprises, develop proposals for improving the administration of these tax instruments.
Research results. Value Added Tax (VAT) is the main budget-forming tax in Ukraine. In addition to VAT, there are also other value added taxes - personal income tax and income tax, as these are taxes on part of value added in the form of wages and income. In 2018, the share of value added tax in the total tax revenue in Ukraine was 72%.
The conceptual plan of the VAT is reasonable and transparent, but in its implementation there are a number of problems: the complexity of its calculation in terms of costs when buying goods, works and services, VAT refund takes a lot of time and effort, the possibility of so-called "pits" when suppliers After receiving VAT from the buyer, they disappear and tax is not paid to the budget. According to various estimates, due to tax evasion, Ukraine's budget loses up to 25% of net VAT revenues. In the EU, this figure averages only 10%.
Global tax trends confirm the dynamics of indirect tax growth, where VAT plays a key role. VAT refusal is not appropriate for Ukraine. The most appropriate approach is to bring the content of the VAT into line with its name and to improve its administration. In this regard, it is proposed to: 1) include in the reporting indicators of the enterprise the indicator "gross value added". This will ensure conceptual unity in the calculation of the results of economic activities at the micro, meso and macro levels and the ability to directly calculate VAT.
As part of the improvement of VAT administration, a set of measures is proposed to reduce VAT privileges, to solve the problem of "tax pits", to release contributions of foreign investors to the authorized capital of the enterprise in the form of fixed assets from the payment of VAT.
The introduction of a tax on the export of raw materials ensures the formation of new and development of existing value chains, as well as the achievement of the goal of the government of the country - to increase the amount of income of business entities, consumers and the state. Due to the export duties of sunflower seeds, Ukraine is making billions of dollars in exports of sunflower oil (about $ 4 billion in 2017). The abolition of this duty may lead to an increase in processing capacity, a reduction in jobs, and a loss of part of the global sunflower oil market. All this necessitates the adoption of appropriate measures to protect the domestic processing sector: firstly, to negotiate with the EU on the maintenance of customs duties on sunflower seed export, and secondly, to cancel VAT refunds on sunflower seed export.
Conclusion. The conceptual plan of the VAT is reasonable and transparent, but its implementation has a number of problems with regard to its calculation, compensation and administration. Global tax trends confirm the dynamics of indirect tax growth, where VAT plays a key role. VAT refusal is not appropriate for Ukraine. The most appropriate approach is to bring the content of the VAT into line with its name and to improve its administration. Introduction of a tax on export of raw materials ensures the formation of new and development of existing value chains.
2. Antoine Bouët, Carmen Estrades, David Laborde (2102). Differential export taxes along the oilseeds value chain: A partial equilibrium analysis/ International Food Policy Research Institute. – 2012/ - PAGES: 32. - http://www.ifpri.org/publication/differential-export-taxes-along-oilseeds-value-chain-partial-equilibrium-analysis.
3. Nikolas Musys (2005). Vse pro spiljni polityky Jevropejsjkogho Sojuzu [All about common policies of the European Union] [in Ukrainian].
4. Podatok na dodanu vartistj [Value added tax] / material z Vikipediji https://uk.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B4%D0%B0%D1%82% D0%BE%D0%BA_%D0%BD%D0%B0_%D0%B4%D0%BE%D0%B4%D0%B0%D0 %BD%D1%83_%D0%B2%D0%B0%D1%80%D1%82%D1%96%D1%81%D1%82% D1%8C [in Ukrainian].
5. Marchak D. Kakim nalogom mozhno zamenit NDS. Alternativy i ikh minusy: versiya ekonomistov [What tax can be substituted for VAT. Alternatives and their disadvantages: version of economists] – https://www.google.com/searchq=%D0%90%D0%BB%D1%8C%D1%82%D0% B5%D1%80%D0%BD%D0%B0%D1%82%D0%B8%D0%B2%D0%B0+%D0%9D% D0%94%D0%A1&rlz=1C1AOHY_ruUA758UA758&oq=%D0%90%D0%BB%D1% 8C%D1%82%D0%B5%D1%80%D0%BD%D0%B0%D1%82%D0%B8%D0%B2%D 0%B0+%D0%9D%D0%94%D0%A1&aqs=chrome..69i57.9343j0j8&sourceid=chr ome&ie=UTF-8 [in Russian].
6. Makejeva O. Chomu ne mozhna skasuvaty PDV? [Why can't I cancel my VAT?] – https://biz.nv.ua/ukr/experts/chomu-ne-mozhna-skasuvati-pdv-50006058.html [in Ukrainian].
7. Tulush L., Ghryshhenko D. (2018). Fiskaljne reghuljuvannja rozvytku rynku olijnykh kuljturv Ukrajini [Fiscal regulation of the development of the oilseeds market in Ukraine ] / Ekonomika APK. - 2018. - № 5 - Р. 63-76 [in Ukrainian].
8. Ughoda pro asociaciju mizh Ukrajinoju i JeS [Association Agreement between Ukraine and the EU] - https://zakon.rada.gov.ua/laws/show/984_011 [in Ukrainian].
9. Palijenko I. (2017). Novi pravyla vidshkoduvannja PDV dlja olijnykh kuljtur: shho ce dastj Ukrajini. Chomu Ukrajini neobkhidno bulo vvodyty nevidshkoduvannja PDV na olijni kuljtury ta jaki mozhutj buty naslidky [New VAT refund rules for oilseeds: what this will give Ukraine. Why Ukraine needed to introduce non-refundable VAT on oilseeds and what the consequences might be] - https://www.epravda.com.ua/columns/2017/12/12/632091/ [in Ukrainian].
10. Zakon Ukrajiny «Pro vnesennja zminy do pidrozdilu 2 rozdilu XX «Perekhidni polozhennja» Podatkovogho kodeksu Ukrajiny shhodo dejakykh pytanj opodatkuvannja podatkom na dodanu vartistj operacij z vyvezennja za mezhi mytnoji terytoriji Ukrajiny olijnykh kuljtur» vid 22 travnja 2018 roku # 2440-VIII [Law of Ukraine "On Amendments to Section 2, Section XX, Transitional Provisions" of the Tax Code of Ukraine on Certain Issues of Value Added Tax Transactions on Exports from the Customs Territory of Ukraine of Oilseeds] [in Ukrainian].