Formulation of fiscal policy in the context of the development of international economic activity

Анотація

Introduction. The development of international economic activity (IEA) requires the adaptation of fiscal policy to ensure competitiveness and sustainable economic growth. The features of fiscal and customs policy are becoming particularly relevant in the context of globalization, because effective management of tax and customs instruments determines the country's ability to integrate into the world economy, stimulate trade and attract investment. Purpose. To study approaches to the formation of fiscal policy in the context of the development of the IEA to increase the competitiveness of Ukraine. Method (methodology). In the process of work, the methods of analysis, synthesis, comparison, justification, abstract-logical, graphic and tabular methods were used. Results. In the context of the IEA, the features of fiscal and customs policies were studied, their components, instruments, differences and spheres of influence were highlighted. It is substantiated that customs policy is subordinate to the general fiscal policy, since fiscal policy covers both internal and external aspects of the economy, regulating state revenues and expenditures, and customs policy focuses only on foreign economic activity. Modern approaches to the formation of fiscal policy are considered, their classification is carried out in 6 key areas: harmonization, fiscal stability, tax innovation, stimulation of the MER, digitalization and global adaptation. A comparison of existing tax and customs instruments for stimulating the MER and attracting investments in Ukraine and China is carried out. A significant difference in the effectiveness of their application is established, due to the existing tax and customs privileges in China and weak infrastructure support for customs procedures in Ukraine. It is revealed that China's customs policy is adapted to the needs of the international market due to the functioning of special economic zones (SEZs). Ukraine's tax policy needs to be improved in terms of transparency, digitalization and support for innovative sectors. It is recommended to expand tax and customs incentives in Ukraine by simplifying customs procedures and introducing digital tools. It is proposed to start improving fiscal policy by harmonizing Ukrainian tax and customs legislation with EU and WTO requirements.

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