Tax incentives for investment in hotel business in Ukraine

Анотація

The system of tax policy in Ukraine and other countries on the regulation of investment in the hotel industry is analysed. The main focus is on the regulations reflected in the Tax Code and Laws of Ukraine, which amended the Tax Code, as well as other effective instruments – direct financial support, soft loans, low-rent land, tax incentives. Positive and negative changes in the Tax Code to stimulate investment activity of hotel-type enterprises in Ukraine, introduced in 2011–2020, are described. Among the most positive innovations is the gradual reduction of taxation systems and permits. Tax incentives for investment relate to the gradual reduction of the tax rate, the expansion of the classification of groups of fixed assets, the shift in the exemption from taxation of profits of newly built hotels, and others. The following changes have a direct impact on improving the investment climate in the hotel business: pegging the tax rate taking into account consumer price indices, pegging to the minimum wage, improving tax administration, exempting non-residential real estate and social institutions from paying taxes. etc. Important for investment in the hotel industry is the exemption at the legislative level from the taxation of import duties on the import of equipment and components that are imported for the implementation of investment projects. The permitting system has been improved by expanding the application of the declarative principle when starting a business. Among the unresolved fiscal problems for the hotel business is the sectoral approach, which does not take into account the specifics of enterprises, disrupts the land issue, does not synchronize Ukrainian legislation with international law. Examples of the state fiscal policy in the countries with simultaneous application of various mechanisms which are harmoniously combined in stimulation of investment in hotel business are resulted.

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