The influence of social expenditures and their structure on economic growth in the OECD countries for the years 1980-2015 was estimated. It was established that higher rates of economic growth are observed in the countries with the accumulative principle of financing of social expenditures (on average, for the investigated period 2.94% as compared to 1,87% in countries with distribution systems). It was determined that low level of profitability of investment activity (for the analyzed period-2008-2015) was the main reason for slow development of the system of non-state social insurance in Ukraine. 75.94% of private pension funds had positive midyear nominal income, 26.3% of which had nominal income at the level of 10-20% and only 10.6%-more than 20%. Analysis of the formation of investment portfolios of non-state social insurance institutions in Ukraine was conducted so that to determine the influence of socioeconomic factors on income and risk profile of certain financial assets included in portfolio. The authors calculated the structure of two investment portfolios-in a favorable economic situation with low inflation and during an economic downturn, accompanied by high level of inflation. Calculations were carried out using the Markowitz method of investment portfolio optimization. The algorithm of investment activity management for non-state social insurance on the basis of the Prudent Investor strategy was developed.

The Ukrainian market of insurance services is at the stage of formation and development in the absence of a clearly defined model for further functioning. The purpose of the paper is to analyze the trends in the functioning of the Ukrainian insurance services market in the period of 2010–2021.The results of the study reveal the general trends in the functioning of the Ukrainian insurance services market in terms of transformational features of the market composition (a significant reduction in the number of insurers – by 2.5 times), concluded insurance contracts (a significant increase by 3.5 times), market concentration (moderately concentrated), the level of insurance penetration (the average value was 1.64%).Considerable attention is paid to the interpretation of the main indicators of market activity and their dynamics, in particular, in terms of insurance premiums and payments (the level of insurance payments was 32.2%), assets of insurers (increase by 1.5 times), formed insurance reserves (a noticeable increase by 3 times), digital transformation (in terms of internetization, individualization, digitalization).The study made it possible to form promising vectors for the development of the Ukrainian insurance services market based on the model of social responsibility of participants in the insurance process with clear digitalization outlines and the formation of insurance relations based on innovative approaches. AcknowledgmentThis study was supported by the Ministry of education, science, research and sport of the Slovak Republic [grant VEGA 1/0689/20 Digital economy and changes in the education system to reflect labour market demands].

The article forms and systematizes the author's approach to the legislative enshrinement in the Tax Code of Ukraine of the essence of economic categories "aggressive tax planning", "minimization of tax liabilities". These terms are widely used in the practice of the OECD and countries with developed market relations. The article highlights the results of the work of the 10th OECD Working Group on Aggressive Tax Planning and the OECD Forum on Tax Administration. Generalized issues regarding the inconsistency of the tax base, which allows taxpayers to minimize and evade their payment. Methodological and theoretical foundations of the study are economic theory, scientific developments of foreign and domestic scientists on the problems of aggressive tax planning. The following research methods were used in the research process: abstract –logical, comparison, monographic and scientific generalization. Studies show that aggressive tax planning as a relatively new category still requires painstaking improvements from those international structures that have sponsored it. Note that the OECD has proposed two somewhat vague definitions of aggressive tax planning that have already been criticized by experts. Thus, according to one definition, it is planning that includes a tax position that is rational, but leads to a result that is unpredictable for the tax authorities, given its inconsistency with the purpose of the law. The experience of foreign countries in identifying and regulating aggressive tax planning should be adapted to domestic realities and reflected in the tax system at the legislative level, which will help improve tax administration, support big business, solve investment, innovation and social problems. The results of the study show that the management of any socially important process requires the ability to constantly maneuver in a large number of changes and new opportunities. The OECD's experience shows that responding to new taxpayer schemes for aggressive tax planning is a challenge. With the enactment of legislation to counter aggressive planning to eliminate them from tax practice, taxpayers are finding new, more sophisticated methods, using them to minimize tax liabilities. This struggle between the two subjects of tax relations will continue as long as the states function mainly through taxes and other obligatory payments.

доктор економічних наук К. М. Мельник, кандидат економічних наук Б. С. Гузар, кандидат економічних наук Уманський національний університет садівництва В сучасних вітчизняних умовах особливості банківського кредитування малого бізнесу спричинюють ряд проблем, що ускладнюють можливості використання малим бізнесом доступного джерела фінансування. У статті на основі аналізу існуючих проблем пропонуються заходи щодо розвитку системи банківського кредитування малого бізнесу в Україні. Ключові слова: малий бізнес, банківське кредитування, фінансові ресурси, відсоткова ставка, фінансове забезпечення.Постановка проблеми. Процеси становлення малого бізнесу в Україні розпочалися з початком незалежності, проте його функціонування та забезпечення розвитку і нині перебуває в незадовільному стані. Це насамперед пов'язано з неналежним фінансовим забезпеченням, неефективним податковим механізмом, що врешті-решт є результатом невиваженої і необґрунтованої державної регуляторної політики у сфері малого бізнесу. Щоб виконувати свої соціально-економічні функції, удосконалювати діяльність, сприяти розвиткові науково-технічного процесу, малий бізнес потребує відповідного кредитного забезпечення для поповнення

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