EUROPEAN TRENDS AND UKRAINIAN REALITIES OF TAXATION OF BANKING INSTITUTIONS
Abstract
The current state of development of the banking system of Ukraine is in a state of crisis. This aspect requires improvement and development of new effective approaches to tax regulation (stimulation) of banking activities, taking into account foreign experience and doctrines of strategic development of the banking sector of Ukraine. In conditions of martial law, the system of taxation of banking institutions should contribute to the receipt of funds to the budget sufficient for the state to perform its functions, as well as stimulate the activities of business entities. The article examines the current aspects of the impact of tax instruments on the functioning of banking institutions in Ukrainian and European practice. The factors that affect the profitability of banking institutions in modern conditions are analyzed. It is stated that excessive tax burden for banking institutions will lead to diversification of risks in the field of financial provision of individuals and legal entities. Based on monitoring of tax regulation of banking activities in the countries of the European Union, it is determined that an increase in the tax burden is permissible for tactical purposes. An effective approach to applying tax rates on the income of banking entities will produce significant fiscal effects, but excessive tax pressure can provoke financial risks for providers and users of payment services. Practical monitoring of the indicators of administration of tax on the income of banking institutions to the State Budget of Ukraine was carried out and a positive trend was established in the analyzed period, despite the increase in the level of their taxation. The effectiveness of tax regulation of banking activities should not provoke the desire to minimize the tax liabilities of banks by hiding financial results. Given such circumstances, it is advisable to constantly monitor the impact of bank taxation on both their financial activities and the activities of the clients they serve. Measures are proposed to minimize tax risks of the functioning of the banking sector in Ukraine in modern realities, taking into account the experience of the European Union countries.
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