Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697736121754.pdf (Georgia)
saqarTvelos mecnierebaTa erovnuli akademiis moambe, t. 17, #1, 2023 BULLETIN OF THE GEORGIAN NATIONAL ACADEMY OF SCIENCES, vol.

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1, 2023 Economics The Impact of Tax Policy on Investment Activities in the Context of Ukraine's Integration into the European Union Iryna Halushchak*, Iryna Kokhan**, Veronika Dmytrovska**, Svitlana Kropelnytska**, Zoriana Krykhovetska** *Department of Accounting and Auditing, Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine ** Department of Finance, Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine (Presented by Academy Member Avtandil Silagadze) The purpose of this study is to analyse and evaluate the impact that changes and modifications of tax policy have on the investment activities of foreign partners in Ukraine.
Achieving this goal necessitates solving a number of tasks, the content of which reflects the sequence of research stages: to study theoretical and methodological aspects of the impact of taxation on investment activities; to analyse the main global trends in the development of the tax system; to examine the experience of advanced countries in the development of investment activities and their methods of influencing the volume of investment; to develop methodological approaches to evaluating the impact of tax policy on investment activities in the context of European integration of Ukraine; to compile a set of proposals for improving the tax system for state bodies.
The leading method for studying this problem is analysis, which allows comprehensively considering tax policy as a complex multi- component structure that operates in unstable political and economic conditions.

In addition, the following methods were used: logical analysis, comparative, economic, synthesis, deduction, classification, mathematical statistics.

The paper presents the results of the study in the form of tables reflecting the level and trends of foreign direct investment inflows to Ukraine.
© 2023 Bull.

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foreign direct investment, corporate investment, business groups, economic effects, public investment, private investment The influence of the state apparatus on investment other regulatory acts for investment activities; activities can take various forms.

There is a distin- providing financial assistance in the forms of ction between direct and indirect regulation of grants, subsidies, subventions, budget loans for the investment activity.
Direct forms include the follo- development of certain regions, industries, wing regulation methods: the adoption of laws and production departments; establishing state rules © 2023 Bull.

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160 Iryna Halushchak, Iryna Kokhan, Veronika Dmytrovska... and standards; determining anti-monopoly volatile, and facilitate the transfer of knowledge, measures; regulating investor participation in skills, and technologies [2] Meta-economics property privatisation; specifying the conditions for clarifies that a tax is actually a price paid to ensure using land, water, and other natural resources; that the necessary level of common interests is conducting mandatory state expertise of investment achieved, such as public administration and programmes and construction projects; ensuring education; health care; food and drug standards and investment protection, etc.
Indirect regulation of safety; it is a socially accepted price for roads, investment activity includes fiscal policy; monetary police, fire safety, and the military.

Consequently, policy; depreciation policy; stock market the tax system is part of other government systems regulation; innovation policy; foreign investment (especially the administrative, legislative, and promotion policy; other indirect forms of state judicial branches of government) [3].

regulation of investment activity.


This article The tax system has always been considered as covers the indirect form of state regulation of one of the most important factors in the deve- investment activity – tax policy.

lopment of the country's economy.


This created Investment is the ultimate goal of any country's strong links between the system, the state, the economy, as it ensures not only sustainable economy, business, and taxpayers, which in all consumption of services in the long run, but also a years led to changes in the tax system in accordance sustainable development path.

In addition to the with the state of related elements.
Upon using money levied on firms' profits, taxes affect several preferential and stimulating policies, the tax system economic indicators that can have a decisive impact creates fair and equal conditions for all market on investment decisions.

Therefore, the purpose of players.

The way one country makes decisions this study is to examine the relationship between about the tax system development clearly demon- the tax system and investment dynamics.
Foreign strates the state of its economy, which is why direct investment is the most desirable form of developed countries put a lot of effort into investment for developing economies since it establishing a balanced tax system.

This helps to allows implementing large projects; moreover, the make the economic system more sustainable and country receives new technologies, new corporate the country's governance easier.

Due to economic governance practices, etc.

[1].


Given the crucial changes in Ukraine and other regions and countries role of foreign direct investment in promoting that are in the process of joining the EU or economic development, countries adopt various European integration, fiscal policy remains the only unilateral as well as bilateral treaties to create a macroeconomic policy to be operated by the favourable investment environment.

The last three government in a certain country [4].
decades have been marked by an extraordinary increase in international investment and trade, as Materials and Methods well as the integration and openness of interna- tional markets.

The above-mentioned conditions have led to intense competition among countries, especially developing countries, to attract foreign investment in order to increase the pace of their national investment and accelerate economic development.
Foreign direct investment flows are generally preferred over other forms of external financing because they do not create debt, are less Evaluation of tax policy impact on investment activity in the context of Ukraine's integration into the European Union should include statistical, physical, and financial indicators, which can be used to determine the impact of taxation on investments.
The primary method in this study is systems analysis, which was applied to examine tax policy as a complex multicomponent structure that functions in unstable political and economic condi- Bull.

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1, 2023 The Impact of Tax Policy on Investment Activities in the Context... 161 tions.

Furthermore, in the course of the study, such research methods were used: logical analysis, com- occasional aspects from individual observations.
It was used to describe phenomena and processes in parative, synthesis, deduction, classification.

quantitative terms.

Systems analysis was used for a detailed consideration of the object of research as a system with many interrelated and interacting elements.

In the course of the study, a theoretical analysis of recent scientific publications was also conduc- ted.
Researchers in the fields of investment, econo- The logical analysis allowed reproducing the mics, and taxation frequently consider and examine development of a complex system or object by issues related to the impact of tax policies on means of theoretical analysis.

A comparison is a investment.

In recent years, foreign and Ukrainian method by which two or more objects are collated.
researchers have been exploring the issues and The objects for comparison can be phenomena, ways of improving their studies on the development ideas, and results of the research.

The comparative and support of the investment climate.

method allows identifying common and different aspects for further classification and typology.

In Results this article, such a method was used to compare quantitative indicators for different time periods.
Economic analysis was used to systematically and comprehensively measure the impact of taxation on investors' performance by processing the system of indicators with special and conventional methods.

The synthesis method is a way of assembling the whole from the functional parts, providing insights into the relationships between the components of the subject matter.

This method made it possible to organise information about the impact of foreign and national investment on each other.
The deduc- tion is a research method that transforms know- ledge of processes and phenomena from general provisions to private and individual judgements.

The deduction is characterised by an ascent from the abstract to the specific.
The classification is a general scientific method for knowledge systema- tisation, which is aimed at organising a certain set of studied objects of various fields, knowledge, and activities into a system of subordinate groups, according to which these objects are distributed based on their similarity in certain essential pro- perties.

In this research, it was applied to distin- guish categories of investments by type of econo- mic activity.
The method of mathematical statistics is a set of interrelated methods of studying mass objects and phenomena to obtain quantitative featu- res and identify general patterns by eliminating Bull.

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4, 2023 Over the years, similarly to other aspects of the economy, the concepts and features within the tax system began to improve and become more detailed.

The practice has shown that the tax system is an indicator of the current issues in the country's economy.
Periodically, the tax system requires to be updated in order to achieve the most balanced tax system.

The optimal tax system will be balan- ced provided that the financial burden is fairly distributed among taxpayers, taxes do not cause distortions in the behaviour of taxpayers and investors in various sectors or industries.

In some European Union countries, research has been conducted on how changes in the tax system affect the state budget.
This is an example of how the state achieves a balance between spendings and revenues.

The highest revenue and moderate levels of government spendings are signs of a promising future for a country and a sovereign state budget.

The tax system is not simply a system that needs to be constantly updated or improved – it is a subtle economic process consisting of tax policy makers, taxpayers, agents, and so on.
Thus, the tax system is one of the most important processes for planning the country's economy, this system should be taken extremely seriously.

Previously, taxation was more concerned with large corporations.

As a rule, in the past, in all countries, the financial income of large entrepreneurs was higher than that of other business 162 Iryna Halushchak, Iryna Kokhan, Veronika Dmytrovska... units.
Since large corporations had stable profits even during economic crises, state political leaders – after collection, the tax should immediately go to the treasury for its intended use, without began using them as a way to supplement the state remaining outside the system.

budget; this is how policies were created to strike a Although the currency union has created condi- balance between government spending and corpo- tions for improving economic and financial integ- rate revenue.
ration into the euro area, in the context of financial An optimal tax system, or a system that has no and sovereign crises, the European integration is violations or shortcomings, still does not exist, even accompanied by serious imbalances in savings and in countries like the United States or Germany.
investment, credit and housing boom in some coun- Frequent changes in the tax system and policy have tries, and a redistribution of resources to less produ- led to many violations and high levels of taxpayer ctive sectors of the economy.

The global financial dissatisfaction.


To create a proper tax system or at crisis and the euro area sovereign debt crisis have least one that is inherently close to the leading led to considerable and drastic changes, as the risks model, the following recommendations should be caused by the large imbalance have sharply mani- considered: – each subject of taxation must make its own contribution to supporting the government of its fested themselves.
Although the institutional short- comings of the European Union, which led to the imbalance and the subsequent financial crisis, have state in the means of income than it generates; been largely eliminated since 2008, the adjustment – the tax that everyone must pay should be fair, process has not yet been completed.
From a macro- safe, and benefit business entities or taxpayers, economic standpoint, imbalances in external acco- and not be distributed arbitrarily; unts caused the accumulation of high levels of external liabilities that need to be reduced, which in Table 1.
Foreign direct investment in Ukraine from 2002 to 2021 (USD million) since 2014, data excluding the occupied territories (Crimea, Sevastopol, parts of Donbas) FDI to Ukraine FDI from Ukraine Balance 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: [1].
693 1424 1715 7808 5604 9891 10913 4816 6495 7207 8401 4499 410 -458 3810 3692 4455 5860 -868 6687 +731 +291 +6093 -2204 +4287 +1022 -6097 +1679 +712 +1192 -3902 -4089 -868 +4268 -118 +763 +1405 -6782 +7555 -5 13 4 275 -133 673 1010 162 736 192 1206 420 111 -51 16 8 -5 648 82 -198 +18 -9 +271 -408 +806 +337 -848 +574 -544 +1014 -786 -309 -162 +67 -8 -13 +653 -566 -280 +698 +1411 +1711 +7533 +5737 +9218 +9903 +4654 +5759 +7015 +7195 +4079 +299 -407 +3794 +3684 +4460 +5212 -950 +6 885 +102.1% +21.3% +340.3% -23.8% +60.7% +7.4% -53.0% +23.7% +21.8% +2.6% -43.3% -92.7% -236.1% +1032.2% -2.9% +21.1% +16.9% -118.2% +824.7% Bull.
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1, 2023 The Impact of Tax Policy on Investment Activities in the Context... 163 turn weakens investment and therefore burdens The data are confirmed by the number of growth prospects and potential.

In terms of macro foreign direct investments in 2021 on a quarterly prudence, long-term imbalances have added basis (Table 2).
The decrease in investment volume systemic risk and made the euro area more in and from Ukraine is primarily caused by the vulnerable to change [5].

COVID-19 pandemic, the subsequent global eco- The Ukrainian tax system can be considered nomic crisis due to a massive lockdown, fluc- quite balanced since the taxation of foreign direct tuations in oil prices, and so on.
investment (Table 1) does not have an impact as The largest investors in Ukraine during 2015- substantial as, for example, the consequences of 2021 (Table 3) were the following countries: global economic crises and revolutions in Ukraine.

Cyprus, The Netherlands, Austria, and the United Table 2.
Foreign direct investment in Ukraine in 2021 (USD million) data excluding occupied territories (Crimea, Sevastopol, parts of Donbas) FDI to Ukraine FDI from Ukraine Balance 1541 +2066 24 +4 +1517 +378.3% -21.4% 8 -340 1201 -16 +1193 2386 +1185 -138 -146 +2524 +111.6% -34.6% 1559 - 6687 -92 +46 +1651 +6885 -198 -827 - - 2021 Q1 Q2 Q3 Q4 Per year Source:[1] Kingdom.

The Netherlands invested the most among these countries in the Ukrainian economy during the period under review, namely, 8.4 USD billion.
The United Kingdom is the smallest investor – 1.0 USD billion.

In total, Ukraine received 15.3 USD billion of direct investment from these countries over seven years.

The most popular areas of investment (Table 4) were finance and insurance, professional, scientific, and technical activities, as well as IT.

Investments Table 3.


Foreign direct investment in Ukraine from the top 5 investor countries, USD billion 2015 2016 2017 2018 2019 2020 2021 0.5 0.4 0.5 0.5 1 1 0.9 Cyprus * -29.60% +17.10% -4.70% +102.20% -1131.3% -15.27% *Non-publicly disclosed data.

Source: [6].
Source: [6].

Netherlands 0.8 0.3 0.3 1 0.3 3.8 1.9 * -68.00% 9.70% +240.30% -67.60% -158.6% +29.96% Austria * -48.50% -58.40% +95.90% -48.90% 181.4% -1.72% 0.5 0.2 0.1 0.2 0.1 * * United Kingdom * 0.4 0.3 0.1 0.1 0.1 * * * -32.70% -63.70% +2.50% 191.2% +3.48% Table 4.
Foreign direct investment in Ukraine by type of economic activity in Q1 2019-2021, USD million Types of economic activity Administrative and support services Construction ІТ Arts, sports, entertainment and recreation Real estate transactions Wholesale and retail trade, repair of motor vehicles Education Health and social assistance Production Professional, scientific, and technical activities Agriculture, forestry, and fisheries Transport, warehousing, postal and courier services Finance and insurance Other Source: [6].
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4, 2023 Q1 2019 +28.5 +12.4 +60.3 -2.5 +35.2 +35.6 -2.5 +7 +278.4 +30.3 -36.3 +15 +482.3 +14.1 Q1 2020 +8.4 -29 +53 +0.2 -52.4 -122.1 -4.2 -2.1 -1593.8 +109.6 -9.8 -122.1 +237.5 +37 Q1 2021 +13.2 +4.1 +61.2 -1.8 +18.6 +11.1 +2.5 +3.4 -1128.2 +86.1 -14.8 -15.9 +244.1 +18 164 Iryna Halushchak, Iryna Kokhan, Veronika Dmytrovska... in other industries were moderate, in some the level of corruption will receive the largest industries, such as production, much less money amount of foreign direct investment [10].
was invested than in the same quarters of previous Venture capital plays a considerable role in years.

This trend can also be attributed to the global economic development due to the emergence of crisis.

new firms, technologies, industries, and markets.

In this study, an empirical model to estimate However, this role is associated with systemic both linear and non-linear correlations between tax uneven development at the regional level, as policy and investment was developed.
In addition, venture capital supply and investment in new and an attempt to examine the possible non-linear growing enterprises are highly concentrated at the consequences of changes in the tax system revealed level of central economic regions in the country.

that there are optimal thresholds for tax rates for Over the past decade, this intra-state regional investment changes.
The results indicate that there concentration has been accompanied by a growing is a certain investment threshold for certain sources internationalisation of the venture capital industry, of tax revenue.

In particular, with the exception of as cross-border investments become increasingly taxes on personal income, an increase in revenues important [11].

Tax incentives can specialise eco- from tax harms the dynamics of investment.

nomic activities with higher added value.


Further- Discussion Taxes provide the income needed for important public services such as social security, health care, national defence, and education [7].

The country's tax policy is expressed by the country's tax system, which aims to supplement the state budget and manage macroeconomics, and the tool for implementing the above purposes is a specific type of tax.
Each type of tax, along with mobilising financial resources for the state budget, also plays different roles in creating a tax system that meets the state agenda, depending on the economic period and the current economic conditions [8].

It is well known that investment is one of the key channels of money transfer in a number of standard macro models.
Despite this, there is still relatively little information about the influence of monetary policy on the investments of firms and how they are likely to respond to changes in monetary policy with varying financial heterogeneities [9].

Previous research has shown that investment managers tend to neglect infor- mation that is difficult to integrate into financial metrics, such as environmental, social, and mana- gement criteria.
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1, 2023 more, higher taxes on consumption, property, and social security contributions tend to reduce current consumption.

This tax policy can influence the movement of interest rates by suppressing them and facilitating investment decisions [12].

However, tax cuts can also have negative consequences for the supply [13].
If tax cuts inc- rease employees' after-tax income, some of them may choose to work less and rest more.

This “income effect” is opposed to the “substitution effect”, where lower tax rates on margins increase the financial remuneration of employees.

Tax cuts can also hinder long-term economic growth by increasing the budget deficit.
When the economy functions in this way, government borrowing is financed by redirecting capital that should have been used for private investment, or by borrowing from foreign investors.

Thus, government borro- wing displaces private investment, reducing future production capacity or cuts the amount of future income from these investments for citizens.

In any case, tax cuts can worsen future well-being [14].
Contrary to the expectations of some observers, the continued reduction in the corporate tax rate constrained investment, rather than stimulated it.

The reason for this phenomenon is associated with the way companies finance their investments and The Impact of Tax Policy on Investment Activities in the Context... 165 expenses they can deduct from their taxable savings for the private sector and/or increasing the income.
Partly for reasons related to the tax system, cost of financing[18].Investment enlargement companies tend to finance most of their inves- should be the main task for the state, which aims to tments through debt.

Companies that borrow to improve the living standard of citizens and promote finance investments can deduct their interest economic growth.

Increasing government spending expenses.


In addition, companies can deduct their on education, health, knowledge, research and investment expenses faster by using bonus depre- development can expand human and physical ciation or other forms of accelerated depreciation.

capital.

This can be done at the expense of national The combination of two tax regimes (interest and international funds [19-21].

deduction and accelerated depreciation) acts as an investment subsidy.
Thus, the value of tax liabi- Conclusions lities decreases, which makes investments cheaper.

The cost of two tax shields and the subsidy amount increases along with the corporate tax rate, so reducing the corporate tax rate reduces the subsidy amount and hinders investment [15].
Taking into account that corporate tax policies can have a substantial impact on the economy, a large share of accounting and economic studies examine the relationship between tax incentives at different levels (for example, state corporate taxes, international corporate taxes) and investment decisions.

The optimal capital accumulation theory implies that tax cuts should reduce the cost of investment and therefore encourage greater capital inflows.
However, empirical evidence is mixed: some studies show a positive and considerable association between corporate income tax cuts and foreign investment, while other studies do not show an impactful association [16].

From the theoretical perspective, public inves- tment can affect private investment positively and negatively.
The increase in public investment is expected to increase the flow of private inves- tment, as it will allow companies to have greater access to markets through the construction of roads, ports, railways, etc.

It is also expected that public investment growth will increase private investment by improving marginal capital productivity [17].
Therewith, public investment can also displace private investment by reducing the availability of This analytical study recommends tax policy makers ensure the constant attraction of public investment along with private investment, not allowing the public one to displace the latter.

In the absence of a trend towards an increase in private investment, policy makers should exercise caution with financing sources so as not to cause an interest rate growth.
Considering the negative link between exchange rate instability and private investment, the National Bank of Ukraine should implement the necessary policies to control frequent exchange rate fluctuations.

At last, policy makers should focus on attracting global foreign investment, encourage the spread of technology, and promote collaboration and exchange of experience with foreign collea- gues, which will ultimately attract private inves- tment and improve consumer well-being.
For that purpose, it is necessary to develop and implement policies to reduce corruption, bureau- cracy, nepotism, and activities that require bribes, as this will improve the quality of public insti- tutions, reduce investment costs associated with administration, and ultimately encourage private investment.
Finally, it is worth noting that in gene- ral, the investment climate in Ukraine primarily depends not on the tax system, but on the stability of the political conditions in the country, the succe- ssful fight against corruption, professional training, and overall economic and social development.

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4, 2023 166 Iryna Halushchak, Iryna Kokhan, Veronika Dmytrovska... ეკონომიკა საგადასახადო პოლიტიკის გავლენა საინვესტიციო საქმიანობაზე ევროკავშირში უკრაინის ინტეგრაციის კონტექსტში ი. ჰალუშჩაკი*, ი. კოხანი**, ვ. დმიტროვსკა**, ს. კროპელნიცკა**, ზ. კრიხოვეცკა** *ვასილ სტეფანიკის სახ.

კარპატისპირეთის ნაციონალური უნივერსიტეტი, ბუღალტრული აღრიცხვისა და აუდიტის დეპარტამენტი, უკრაინა **ვასილ სტეფანიკის სახ.
კარპატისპირეთის ნაციონალური უნივერსიტეტი, ფინანსური დეპარტამენტი, უკრაინა (წარმოდგენილია აკადემიის წევრის ა. სილაგაძის მიერ) ნაშრომში კვლევის მიზანია უკრაინაში უცხოელი პარტნიორების საინვესტიციო საქმიანობაზე საგადასახადო პოლიტიკის ცვლილებებისა და მოდიფიკაციის ანალიზი და შეფასება.
მოცე- მული მიზნის მისაღწევად აუცილებელია გარკვეული ამოცანების შესრულება, რომელთა ში- ნაარსი ასახავს კვლევის ეტაპობრივ თანმიმდევრობას: საინვესტიციო საქმიანობაზე დაბეგვ- რის გავლენის თეორიულ-მეთოდოლოგიური ასპექტების შესწავლა; ძირითადი გლობალური მიმართულებების ანალიზი საგადასახადო სისტემის განვითარებაზე; მოწინავე ქვეყნების საინვესტიციო საქმიანობის გაზიარება და მათი მეთოდების გათვალისწინება საინვესტიციო მოცულობაზე; საინვესტიციო საქმიანობებზე საგადასახადო პოლიტიკის შეფასებისათვის მე- თოდოლოგიური მიდგომების განვითარება უკრაინის ევროინტეგრაციის კონტექსტში; მთე- ლი რიგი შეთავაზებების კომპილაცია საგადასახადო სისტემის გაუმჯობესების მიზნით სა- ხელმწიფო სტრუქტურებში; ამ ამოცანის შესწავლის წამყვან მეთოდს ანალიზი წარმოადგენს, რომელიც განიხილავს საგადასახადო პოლიტიკას, როგორც მრავალკომპონენტიან სტრუქტუ- რას არასტაბილურ პოლიტიკურ და ეკონომიკურ პირობებში.
აქედან გამომდინარე, გამოყე- ნებული იყო შემდეგი მეთოდები: დედუქცია, ლოგიკური ანალიზი, შედარებითი ანალიზი, ეკონომიკური, სინთეზი, კლასიფიკაცია და მათემატიკური სტატისტიკა.

ნაშრომში წარმოდ- გენილია კვლევის შედეგები ცხრილების სახით, რომელიც ასახავს უკრაინაში პირდაპირი უცხოური ინვესტიციების შემოდინების დონესა და ტენდენციებს.

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