THE TAX INSTRUMENTS OF UKRAINE’S INVESTMENT MARKET REGULATION IMPROVING Cover Image

УДОСКОНАЛЕННЯ ПОДАТКОВИХ ІНСТРУМЕНТІВ РЕГУЛЮВАННЯ ІНВЕСТИЦІЙНОГО РИНКУ УКРАЇНИ
THE TAX INSTRUMENTS OF UKRAINE’S INVESTMENT MARKET REGULATION IMPROVING

Author(s): Ihor Kobushko, Iana Kobushko
Subject(s): Economy
Published by: Інститут трансформації суспільства
Keywords: Investment Market; Financial Transactions Tax; Securities Transactions Tax; Transactions Costs

Summary/Abstract: Introduction. The authors researched the issue of financial transactions taxation, classification of taxes and identified positive and negative consequences of their influence, which allows differentiating conditions of taxation for speculative and investment operations. Purpose of the article is developing the ways to improve the strategy of tax regulation of Ukraine’s investment market in the context of financial transactions taxation under the influence of dynamic changes in the conjuncture of the investment market, increased competition and globalization processes. Results. The traditional interpretation of the investment market as a part of the financial market and the consequent erosion of the boundaries between speculation and investment operations in the domestic legislative field were given. Unresolved question remains differentiation of tax regulations applicable to these types of transactions. Practical application of such taxes is the case in many countries of the world, where at various times have been introduced so-called «tax on financial transactions». The authors improved the tax approach to the regulation of the investment market in Ukraine by the rationale for the introduction of additional taxes on speculative operations with financial instruments and the rates of taxation the differentiation depending on the criteria: duration of financial instruments stay in ownership of the taxpayer, the presence of the exchange registration of securities. Conclusions. The authors conducted investigation of taxes application on financial transactions. It has been shown that these taxes are aimed primarily at achieving short-term goals, whereas the main task of distinguishing the taxation of speculative and investment operation remains unresolved. Approaches proposed by the authors for the tax regulation of the investment market in Ukraine will reduce the profitability of speculative transactions compared with the investment ones, enhance the investment market transparency and reduce the overall level of price volatility on it, reorient trading on organized trading platforms (stock exchange).

  • Issue Year: 2015
  • Issue No: 1-2(1)
  • Page Range: 82-85
  • Page Count: 4
  • Language: Ukrainian