Implementation of the Principles of State Innovation Policy and Ways of State Regulation of Innovation Activities in Financial Support of Innovation Projects
Authors: Duravkin Pavlo 
Published: June 2023

Problem setting. Innovative activity and the level of its support from the state have always been and are the key to sustainable economic and social development. The establishment of guidelines for financial, credit, and tax incentives in the principles of the state innovation policy and the ways of state regulation of innovation activity shows the extremely high importance of these mechanisms for the development of innovation activity. In this regard, it is very important to study such mechanisms, establish their essence and impact on the development of innovative activity. Taking into account the specifics of specific manifestations of innovation activity stimulation, it becomes necessary and relevant to analyze both the types of financial support for innovative activity and taxation mechanisms related to its stimulation, as well as the subject composition of those bodies involved in, respectively, financial, credit, tax support of innovative activity by the state. Analysis of recent researches and publications. Issues of various manifestations of financial stimulation of innovative activity have always been and remain the subject of close attention of both domestic and foreign scientists. In particular, Yu. E. Atamanova, S. V. Hlibko, S. G. Gordienko, T. V. Grynko, A. M. Lyubchych and others made a significant contribution to the formation of the scientific basis for the study of the problems of financial support of innovative activities. Purpose of the research is to research of the principles of state innovation policy and ways of implementing state regulation of innovation activity related to its financial, credit and tax support, analysis of the participation in this support of the relevant state bodies and the interaction with them of the subjects of innovation activity. Article’s main body. Ensuring the interaction of science, education, production, financial and credit spheres in the development of innovative activities; effective use of market mechanisms to promote innovative activities, support of entrepreneurship in the scientific and industrial sphere; financial support, implementation of favorable credit, tax and customs policy in the field of innovation activity belongs to the main principles of the state innovation policy in accordance with Part 2 of Art. 3 of the Law of Ukraine “On Innovative Activity”. At the same time, the creation of a legal framework and economic mechanisms to support and stimulate innovative activities; financial support for implementation of innovative projects; stimulation of commercial banks and other financial and credit institutions that provide credit for the implementation of innovative projects; establishment of preferential taxation of subjects of innovative activity are ways of state regulation of innovative activity in accordance with Part 1 of Art. 6 of the Law of Ukraine “On Innovative Activity”. To the types of financial support of innovative activity in Part 1 of Art. 17 of the Law of Ukraine “On Innovative Activities” includes full or partial interest-free lending, full or partial compensation of interest paid by subjects of innovative activity to commercial banks and other financial and credit institutions for lending to innovative projects, provision of state guarantees to commercial banks that provide priority lending of innovative projects, property insurance of the implementation of innovative projects from insurers in accordance with the Law of Ukraine “On Insurance”. The total monthly (annual) taxable income of the payer of the personal income tax, as well as the income of the payer of the single tax of the first third groups, do not include the sums of funds received on an irrevocable basis from the Innovation Development Fund, which is provided, respectively, in clause 18 subsection 1 and clause 61 of subsection 8 of chapter XX of the Tax Code of Ukraine. In accordance with subsection 140.4.8 of clause 140.4 of Art. 140, sub-item 170.71.1, clause 170.71 of Art. 170, sub-item 177.3.2 of item 177.3 of Art. 177, the fourth paragraph of Article 178.3 of Art. 178, subparagraph 1 of item 292.1, subparagraph 12 of item 292.11 of Art. 292 of the Tax Code of Ukraine is not taxed and is not included in the total monthly or annual taxable income of individual income tax payers, in the income of individual entrepreneurs (except for persons who have chosen a simplified taxation system), in the income of persons engaged in independent professional activity, funds in the form of budget grants to the income of individuals entrepreneurs paying the single tax of the first third groups, and the financial result before taxation of corporate income tax payers is reduced by the amount of budget grants. Conclusions and prospects for development. Ways of implementing state regulation of innovation activity are a reflection of the principles of state innovation policy. The financial and credit sphere, market mechanisms, financial support, favorable credit and tax policy, being the principles of the state innovation policy, correlate with the creation of economic mechanisms, financial support, credit incentives, establishment of preferential taxation, as ways of state regulation of innovation activity. It is necessary to take into account the existence of two key types of innovative projects priority innovative projects and simply innovative projects, depending on which one or another type of financial support is applied, provided for by the Law of Ukraine “On Innovative Activities”. The entities that provide the types of financial support provided for by the Law of Ukraine “On Innovative Activities” are the State Innovative Financial and Credit Institution and the State Innovative Non-Banking Financial and Credit Institution “Small Innovative Business Support Fund”. The implementation of a favorable tax policy in the field of innovative activity and the establishment of preferential taxation of subjects of innovative activity according to the Tax Code of Ukraine is manifested in the reduction of the object of taxation, which is associated with the funds of the Fund for the Development of Innovations and the funds of the Ukrainian Cultural Fund.