Fiscal risk management in conditions of the COVID-19 pandemic

IVANYTSKA, Olga; KOSCHUK, Tetiana

doi:10.33763/finukr2020.07.047

Cited by 4 publications

(1 citation statement)

References 14 publications

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“…Теоретичні й методологічні засади виникнення, класифікації, моніторингу та оцінки фіскальних ризиків висвітлені в численних наукових публікаціях зарубіжних дослідників Дж. Мауре, А. Реут [1], Н. Батіні, Ф. Ламперті, А. Ровентіні, П. Лоунжані [2], тривалий час розвиваються вітчизняними науковцями, такими як С. С. Гасанов [3], Т. І. Єфименко [4], О. М. Іваницька, Т. В. Кощук [5], Л. О. Козоріз [6], Я. В. Олійник, М. В. Кучерява [7] Однак, як видається, питанням інформаційного забезпечення планування діяльності державних підприємств в умовах економічної невизначеності наукова спільнота не приділяє належної уваги.…”

Section: Jel Classifi Cation: н61 M41 M48unclassified

Information support for planning the activities of state-owned enterprises in conditions of economic uncertainty

LOVINSKA,

KORYTNYK

2023

Nauk. pr. NDFI

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Introduction. The period of economic uncertainty has led to the globalization of fiscal risks, which is marked by a significant decline in budget revenues and the intensity of economic processes in general. The deterioration in the performance of state-owned enterprises played an important role in this. Problem Statement. The need to mitigate fiscal risks arises at the planning stage of business entities' activities, which requires reliable and relevant information support. Purpose. Assessment of the impact of state-owned enterprises on the planned indicators of the state budget and study of the information basis for the formation of a financial plan as a source of data for managing fiscal risks in the context of the COVID-19 pandemic. Methods. General scientific and special methods of cognition are used: analysis, synthesis, grouping, averages and relative values, coefficient analysis, comparison, modeling, generalization. Results. The most vulnerable type of state budget revenues to the effects of the COVID-19 pandemic was the receipt of part of the net profit of state-owned enterprises and dividends on the state share. It is determined that one of the key information bases for managing fiscal risks is the financial plan of state-owned enterprises. It is substantiated that retrospective and prospective information for the formation of the financial plan is produced in the accounting system, which ensures the identification and systematization of data on the types of taxes and the amount of payments incurred. The information is grouped by functional basis, which makes it possible to structure the sources of planning at the national and micro levels and will help to improve the quality of information support for fiscal risk management to offset the negative impact of the COVID-19 pandemic on the performance of budget revenues. Conclusions. The COVID-19 pandemic has had a significant negative impact on the planning process of state-owned enterprises and the stability of the state budget revenues. The key source of information for fiscal risk management at all stages of the budget process is reliable and valid accounting and reporting data and indicators.

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Section: Jel Classifi Cation: н61 M41 M48unclassified

Information support for planning the activities of state-owned enterprises in conditions of economic uncertainty

LOVINSKA,

KORYTNYK

2023

Nauk. pr. NDFI

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Неподаткові Доходи Бюджетів: Функціональне Призначення Та Можливості Його Активізації

Bak¹

2021

ecovis

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Проаналізовано функціональне призначення неподаткових доходів і виявлено домінування їх фіскальної функції. Наголошено, що подальша її активізація можлива за умови узгодження фінансових інтересів держави і платників. Компенсаційне призначення неподаткових доходів доцільно посилити шляхом перегляду їх бази і ставок. З'ясовано, що неподаткові доходи бюджетів як регулюючий інструмент сьогодні використовуються недостатньо. Обґрунтовано напрямки посилення їхнього впливу на соціально-економічні процеси в Україні.

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State Policy of Income Regulation in the Conditions of Increasing Fiscal Risks Caused by the Covid-19 Pandemic

Popadynets

ZHEBCHUK

2021

UJAE

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Introduction. Today, in the conditions of the COVID-19 pandemic, a number of economic problems have arisen in the country, which can be prevented by improving revenue policy. As the revenue part is formed in the current conditions of the budget decentralization reforms, the risks arising during the pandemic have become an important challenge for the entire economic system of the state and each territorial community in particular. The purpose of the article is to highlight current issues of state regulation of the domestic economy related to global economic challenges and fiscal risk management caused by the COVID-19 pandemic. Results. The high dependence of budget revenues on tax and debt policies, the growth of their role in the economic downturn are analyzed. Emphasis is placed on the need and importance of developing tactics and strategies for budget and tax policies, as well as the possibility of their flexible change in the face of unpredictable economic downturns. The need for state revenue policy to take into account fiscal incentives and fiscal decentralization is indicated. Particular attention is paid to the opportunities and threats posed by the deepening of decentralization processes in Ukraine, emphasis is placed on the components of the financial capacity of local communities and the adequacy of financial resources. It was mentioned that the territorial redistribution of funds must take into account the requirements of the most rational allocation of productive forces, promote business, resolve conflicts that arise in the process of balancing budget revenues and constitutional social obligations. Processes of decentralization of budgetary and tax relations should be accompanied by strengthening of their social orientation. It is noted that the financial literacy of the population plays a significant role in reducing the level of emotional turmoil during economic downturns. At the same time, the study proposed a hypothesis for further research about the dependence of the effectiveness of decentralization policy on the use of modern approaches to financial management at the regional level, which require the implementation of innovative regulatory levers for change management. Conclusions. A number of conclusions and recommendations were formulated. In particular, it is proposed to implement a number of measures to identify and counter the risks of destabilization as a basis for ensuring the financial and economic security of the state. The need to further improvement of the institutional coordination of the application of regional regulatory fiscal instruments and mechanisms with national and international norms and rules was emphasized. It was noted that in the conditions of quarantine restrictions due to the COVID-19 pandemic, the implementation of a set of measures of tax and budget support for citizens, small and medium businesses should be carried out in accordance with a clearly defined and approved program. Keywords: fiscal policy, budget policy, consequences of COVID-19, decentralization, public finance, financial literacy.

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Fiscal risk management in conditions of the COVID-19 pandemic

Cited by 4 publications

References 14 publications

Information support for planning the activities of state-owned enterprises in conditions of economic uncertainty

Information support for planning the activities of state-owned enterprises in conditions of economic uncertainty

Неподаткові Доходи Бюджетів: Функціональне Призначення Та Можливості Його Активізації

State Policy of Income Regulation in the Conditions of Increasing Fiscal Risks Caused by the Covid-19 Pandemic

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