The fiscal revenues in the system of economic regulation

 

Abstract.The mechanism of formation of government revenue has evolved and complicated with the development of economic relations. This led to study the nature of the role and value of budget revenues in the system of economic regulation. The article explored different approaches to the interpretation of the term «fiscal revenues».

The article substantiates that the essence of revenues manifested through a set of economic and financial relations between the public sector and the rest of the institutional units of the formation of a central fund. The value of budget revenues in the state regulation of the economy can be assessed by considering the mobilization, allocation and use them as a single inseparable socio-economic process such as the formation of budget revenues.

The analysis of the key trends observed in the implementation of the State Budget of Ukraine for income and allowed us to determine that the leading role in the formation of his income belongs to tax revenues, as follows: added-value tax, company income tax, excise tax, and customs duties.

The article studies some macroeconomic indicators of Ukraine in the light of the budget system. According to the results revealed that one of the main indicators characterizing the budget is the level of redistribution gross domestic product through the budget system of the country. The analysis of the amount of public spending in GDP showed gradual increase during the study period. It should also be noted deficit of the state budget of Ukraine in this period.

The article analyzed the structure of the consolidated budget of Ukraine and found that the largest share among the sources of income of the consolidated budget of Ukraine take income from tax revenues. The non-tax payments occupy the second place in terms of revenue of consolidated budget. There are income from property and entrepreneurship; administrative fees and charges, income from non-commercial and incidental sales; revenues from penalties and fines; other non-tax revenues; own revenues of budgetary institutions. A similar trend characterized by increasing fiscal burden on business and the national economy and it is negative as a mechanism of replenish of state budget constrains the development of the real economy, and slows the growth rate of industrial output, and it affects to employment, total income and effective aggregate demand negatively.

The article reasoned that the formation of budget revenues is an effective tool for influencing the socio-economic development.

 

Key words:fiscal revenues, public revenues, consolidated budget, tax and non-tax receipts, gross domestic product, budget deficit.