Podmarov O. Tax regulation of investment activity in Ukraine

The necessity to develop clear and effective mechanism of tax regulation, which would provide the optimal tax burden and inspire the investment activity, determines the research relevance. The thesis aims to improve scientific approaches and practical recommendations concerning the development of tax regulation system of investment activity in Ukraine. The study investigates the essence of the concept “tax incentives for investment activity”, which is proposed to be understood as the purposeful actions of public authorities and local governments to establish and provide tax benefits, incentives and other measures that improve the financial state of certain categories of taxpayers in order to create economic interest of their investment activities. Development of the conceptual structural scheme of tax regulation of investment activity provides systematization of scientific and methodical bases and is based on grouping of tax regulation separate elements to the uniform system, which accumulates in its` structure the aim, object, subjects, principles, methods, functions, tools, strategic and tactical goals and main models of investment regulation policy. Tax regulation of investment activities is carried out using a set of special tools. The effect of such instruments is aimed at changing the tax burden. It is substantiated that tax regulation of investment activity is a fiscal-structural instrument of investment activity state regulation. It was determined that the most effective tools to stimulate investment activity of the Ukrainian enterprises are tax benefits as they affect companies` investment resource. In order to determine tax benefits effectiveness, the relevant coefficients were calculated and their dynamics was analyzed. The assessment of the dependence of Ukrainian enterprises` investment activity on tax regulation by formalizing the correlation-regression relationship between the level of capital investment and the amount of tax revenues to the state budget and GDP allowed to use the obtained multiple regression equation in forming short- and medium-term forecasts of capital investments. The author assessed the fiscal efficiency of the tax regulation system in Ukraine by calculating and analyzing the dynamics of the relevant indicators, the inconsistency of the calculated coefficients with their normative value indicates a low level of fiscal efficiency of state tax regulation, which allowed to determine the main directions of its improvement. Determining the impact of the potential tax base (gross profit (income), wages of employees, final consumer expenditures of households) on tax revenues of the Consolidated Budget of Ukraine allowed to build a regression equation that can be used in forecasting budget revenues