Browsing by Author "Paientko, Tetiana"
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Item Behavior aspects of tax evasion: the case of Ukraine(ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана», 2017-03) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаItem Behavior aspects of tax evasion: the case of Ukraine(ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана», 2017-03) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаItem Corporate income tax: evolution, problems and possible solutions(Інтернет-холдинг Олега Соскіна, 2016) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна Васильевна; Proskyra, Kateryna Petrivna; Проскура, Катерина Петрівна; Проскура, Екатерина ПетровнаCorporate income tax is one of the most important taxes in acquiring government revenue and fiscal regulation of economic activity. Corporate income tax in Ukraine has low fiscal and regulatory efficiency. The methods of corporate taxation used in Ukraine are constantly changing. Many of those changes have not had a positive influence on taxation and economic growth because the equilibrium between interests of the government and taxpayers is not maintained. The aim of this paper is to identify existing problems and propose ways for improving the taxation of corporate income in the context of balancing the interests of taxpayers and the government. Historical and trend analyses were used as methods in this paper. The process of evolution of corporate income taxation in Ukraine can be divided into several stages, each of them having an influence on income taxation. At the first stage, the object of income taxation changed several times during the year in order to increase the fiscal efficiency of the corporate income tax. It caused a negative reaction from businesses, and as a result many businesses moved into the shadow economy of Ukraine. At the second stage, a large number of tax exemptions and exceptions were applied. Most of the exemptions and exceptions were given for special interests without proper controls, and were not meant to stimulate investment. These benefits were granted for an unjustifiably long period, and the excess profits derived from this preferential taxation were not directed at reinvestment in industries, but were distributed among the new owners. As a result, outdated technological structures were not improved. This is one of the reasons why they are not competitive today, both internationally and in the domestic market. At the third stage, various types of tax incentives were regularly introduced. Their introduction was for a period of short duration. In particular, preferential mechanisms of income taxation for special economic zones, priority development areas, and technoparks were designed. On the whole, the idea of preferential taxation of these entities was aimed at stimulating economic development in depressed regions and boosting economic innovation. Despite the fact that this idea had had success in many developed countries, it did not work in Ukraine, mainly due to the fact that those who had income tax exemptions used them for the construction of tax evasion schemes. Between 2010 and 2014, the tax base moved closer to being calculated on financial results according to accounting data, and revenues and expenses began to be recognised on the accrual principle. Despite significant progress in changing the object of income taxation, the system of income taxation which was in force at that time retained significant differences relevant to the taxation of income from securities transactions, taxation of banking institutions, insurance companies and collective investment institutions. At the beginning of 2015, the mechanism of accrual and payment of income tax changed radically again. Today, taxes are determined according to data of financial accounting in accordance with the National Provisions (Standards) of Accounting (P(S)A) or International Financial Reporting Standards (IFRS). However, a number of differences were identified between the two methods of accounting to which the object of income taxation has to be adjusted (tax adjustments that may increase or decrease the object of corporate income taxation). The changes in corporate income taxation did not take into account the necessity of a balance of interests between the government and taxpayers. In general, those changes were made to increase fiscal efficiency. It is necessary to improve the mechanism of corporate income taxation to find the equilibrium between the interests of the government and taxpayers. It could be possible if the government develop a long term economic strategy based on the welfare economic theory.Item Deliverology Implementation at the Local Government Level of Ukraine(CEUR-WS.org, 2020-10) Buriachenko, Andrii; Буряченко, Андрій Євгенович; Буряченко, Андрей Евгеньевич; Zhyber, Tetiana; Жибер, Тетяна Василівна; Жибер, Татьяна Васильевна; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe article is devoted to the application of deliverology at the local government level in countries comparable to the stage of fiscal decentralization implementation as in Ukraine. The aim of the article is to show how the application of informational technology can contribute to the implementation of deliverology at the local government level as in the example of Ukraine. The methodology is based on the application of Difference in Difference method and the development of basic program codes for the implementation of deliverology at the local government level. It is proposed that multi-criteria methods of decision making be used to analyze information which is most often formalized in the format of groups of performance indicators of local budget programs. Further research may be necessary to develop recommendations for the use of a single standard of electronic databases for regional development indicators and local budgets. This will allow the full automation of the process of managing data on local government performance.Item Designing an Algorithm for Capturing Price Volatility Factors in the Stock Market(Springer Nature Switzerland AG, 2021) Pankratova, Liubov; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна Васильевна; Lysenko, YaroslavThe research objective is to design an algorithm to be used to identify factors influencing price dynamics of shares at the time of publication of quarterly reports. Subject of research: design forecast algorithms for trade platforms for stock exchanges. Research methods used: comparative analysis, business analytics, design of software module, correlation regression analysis, analytical methods. Results of the research: The paper contributes to the empirical studies of the influence of interim disclosures of companies on equity price fluctuation and to the practical design of algorithms for trade forecasting platforms. The key finding is that the highest incidence of price dynamics was observed during the period of quarterly reports. The largest impact on price movements during the quarterly reporting period was made by the number of open short positions and capitalization of companies.Item Determinants of a firm’s net trade credit: the case of Ukraine(ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана», 2015) Deari, Fitim; Деарі, Фітім; Деари, Фитим; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThis article is devoted to the problems of enterprise trade credits. The importance of such credits becomes even more significant in times of financial crisis. This study also examines trade credits and their determinants using a sample of 27 Ukrainian firms from the period 2010-2014. The study examines trade receivables, trade payables and the difference between them known as net trade credit. Results are obtained based on descriptive and regression analyses. The results denoted that firms have sold more than have purchased on credit, i.e. a positive net trade credit is evidenced. Moreover, a relatively longer operating cycle is evidenced. This operating cycle has a positive trend line. On average the selected firms are liquid, but have an unsatisfactor level of return on assets and net profit. Furthermore, return on assets, fixed assets turnover, operating cash flow to sales, cash and long-term debt ratios are found to be statistically significant determinants that have influenced the net trade credit. Стаття присвячена проблемам використання фірмами комерційного кредиту. Актуальність проблеми зросла з розвитком фінансової кризи. Представлена стаття розкриває особливості комерційного кредиту та його чинників для 27 великих українських компаній протягом 2010–2014 рр. Досліджено кредиторську і дебіторську заборгованості та обсяги чистих продаж. Методологія дослідження ґрунтується на дескриптивному та регресійному аналізі. Результати засвідчили, що фірми продають у кредит більше, ніж купують, тобто наявний позитивний чистий комерційний кредит. Операційний цикл має позитивну тенденцію. У середньому досліджувані компанії ліквідні, але мають низький рівень рентабельності активів та чистого прибутку. Рентабельність активів, оборотність постійних активів, операційний грошовий потік, поточна та довгострокова заборгованість визначені ключовими чинниками, які впливають на чистий товарний кредит. Статья посвящена проблемам использования фирмами коммерческого кредита. Актуальность проблемы возросла с развитием финансового кризиса. Представленная статья раскрывает особенности коммерческого кредита и его факторов для 27 крупных украинских предприятий на протяжении 2010–2014 гг. Исследована кредиторская и дебиторская задолженности, а также чистые объемы продаж. Методология исследования базируется на дескриптивном и регрессионном анализе. Результаты показали, что фирмы продают в кредит больше, чем покупают, то есть существует чистый товарный кредит. Операционный цикл имеет положительную тенденцию. В среднем исследуемые компании ликвидные, но с низким уровнем рентабельности активов и чистой прибыли. Рентабельность активов, оборотность постоянных активов, операционный денежный поток, текущая и долгосрочная задолженность определены как ключевые факторы, влияющие на чистый товарный кредит.Item Determinants of acquisition premiums in M&A-transactions – an analysis of deal characteristics(Hochschule Luzern, 2019) Meier, Jan-Hendrik; Meinzer, Christoph R.; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe present study examines the acquisition premiums of M&A transactions and analyzes their deal-specific determinants. It can be shown that there are considerable group differences between countries and industries. In addition to a whole range of other significant influencing factors, the share that the acquirer owns after the transaction shows a highly significant positive influence. In other words: the more control you seek, the more you pay.Item Developing an Algorithm for the Management of Local Government Expenditures(Springer Nature Switzerland AG, 2021) Buriachenko, Andrii; Буряченко, Андрій Євгенович; Буряченко, Андрей Евгеньевич; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe research objective is to is to develop an algorithm to computerise the process of allocating the limited resources of a local government to maximise the needs of the community. With limited financial resources, local governments must determine the optimum volume of planned services to be provided. The increasing amount of information, as well as the need for rapid management decision-making, necessitates the use of information and computer technologies (ICT) in this area. Research methods used: comparative analysis, planning theory, utility analysis, design of software module, analytical methods. Results of the research: The paper contributes to the theoretical studies about ICT implementation in local governance. Also, the paper contributes to the discussion of the practical implementation of ICT in the allocation of limited resources at the local governance level.Item Directions of optimization of the financial flows allocation involving financial intermediaries(ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана», 2016) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна Васильевна; Koverninska, Y. V.; Ковернінська, Ю. B.; Ковернинская, Ю. B.The relevance of the article is due to the fact that unequal financial flows redistribution caused the need of determination ways of financial flows optimization. The aim of the article is substantiation of financial flows allocation in the economy of Ukraine through the regulation of the financial intermediaries’ activities. The assessment of the dynamics of deposit and credit transactions of banks was given. A fact that the significant share of the bank financial resources are located in the financial sector has proven. This situation causes a shortage of financial resources in the nonfinancial corporations sector. Imbalance of financial resources redistribution between the sector of financial and non-financial corporations is one of the reasons for slow development of economy and the development of the crisis. It was found that in recent years the funds of the banks is reduced due to falling incomes and a loss of confidence to the banking sector. It is shown that non-banking financial intermediaries do not have a significant role in the financial flows allocation, since they place they financial portfolio in banks. Collective investment institutions are able to accumulate substantial financial resources, but they need a clear legislative regulation. Taking into account the identified problems in the financial resource allocations involving financial intermediaries directions of optimization of regulating their activities in Ukraine were developed. Актуальність статті зумовлена тим, що нееквівалентний перерозподіл фінансових потоків між секторами економіки вимагає визначення напрямів оптимізації фінансових потоків. Мета статті полягає в обґрунтуванні напрямів оптимізації алокації фінансових потоків в економіці України через регулювання діяльності фінансових посередників. Дано оцінку динаміці депозитних і кредитних операцій банків. З’ясовано, що більша частина ресурсів банків залишається у фінансовому секторі, що зумовлює дефіцит фінансових ресурсів у секторі нефінансових корпорацій. Дисбаланси перерозподілу фінансових ресурсів між сектором фінансових і нефінансових корпорацій є однією з причин уповільнення розвитку економіки та розвитку криз. Виявлено, що протягом останніх років ресурсна база банків зменшується через падіння доходів населення та втрату довіри до банківського сектору. З’ясовано, що небанківські фінансові посередники не відіграють суттєвої ролі в алокації фінансових потоків, оскільки більшу частину інвестиційного портфеля вони розміщують у банках. Інститути спільного інвестування здатні акумулювати значні обсяги фінансових ресурсів, однак їх діяльність потребує чіткого законодавчого регулювання. На основі виявлених проблем в алокації фінансових ресурсів за участю фінансових посередників обґрунтовано напрями оптимізації регулювання їх діяльності в Україні. Актуальность статьи обусловлена тем, что неэквивалентное распределение финансовых потоков между секторами экономики требует определения направлений оптимизации финансовых потоков. Цель статьи состоит в обосновании направлений оптимизации аллокации финансовых потоков в экономике Украины посредством регулирования деятельности финансовых посредников. Дана оценка депозитным и кредитным операциям банков. Определено, что большая часть ресурсов банков остается в финансовом секторе, что обуславливает дефицит финансовых ресурсов в секторе нефинансовых корпораций. Дисбалансы перераспределения финансовых ресурсов между сектором финансовых и нефинансовых корпораций являются одной из причин замедления развития экономики и развития кризисов. Выявлено, что на протяжении последних лет ресурсная база банков уменьшается вследствие падения доходов населения и потери доверия банковским сектором. Выяснено, что небанковские финансовые посредники не играют существенной роли в аллокации финансовых потоков, поскольку большую часть инвестиционного портфеля они размещают в банках. Институты совместного инвестирования способны аккумулировать значительные объемы финансовых ресурсов, однако их деятельность требует четкого законодательного регулирования. На основании выявленных проблем в аллокации финансовых ресурсов при участии финансовых посредников обоснованы направления оптимизации регулирования их деятельности в Украине.Item Forecasting medium term output financial flows of insurance companies in the Republic of Belarus(ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана», 2016) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна Васильевна; Veresubova, T. A.; Верезубова, Т. А.This article deals with problems of forecasting output financial flows of insurance companies. The topic of the article is important because of the nature of insurance markets in post-socialist countries. The article aims to study methods of forecasting output financial flows of insurance companies in the medium term in Belarus. Strong government restrictions places on insurance companies have been counter-productive. It was proven that the initial prediction of financial flows should be based on all cash receipts, including investment income. It was found that for Belarussian insurance companies at their present stage of economic development the most appropriate methods of forecasting are the modified normative and correlation and regression methods. Стаття присвячена проблемам прогнозування вихідних фінансових потоків страхових компаній. Актуальність проблеми зумовлена специфікою розвитку страхових ринків країн постсоціалістичного простору. Метою статті є обґрунтування методики прогнозування вихідних фінансових потоків страхових компаній на середньострокову перспективу в Республіці Білорусь. Доведено недоцільність встановлення жорстких нормативів щодо вихідних потоків страхових компаній. Обґрунтовано, що прогнозування вихідних фінансових потоків має базуватися на всіх надходженнях грошових коштів, включаючи інвестиційні. З’ясовано, що для страхових компаній Республіки Білорусь на сучасному етапі розвитку економіки найбільш прийнятними методами прогнозування є модифікований нормативний та кореляційно-регресійний методи. Статья посвящена проблемам прогнозирования исходящих финансовых потоков страховых компаний. Актуальность проблемы обусловлена спецификой развития страховых рынков стран постсоциалистического пространства. Цель статьи – обосновать методику прогнозирования исходящих финансовых потоков страховых компаний на среднесрочную перспективу в Республике Беларусь. Доказана нецелесообразность установки жестких нормативов относительно исходящих финансовых потоков страховых компаний. Обосновано, что прогнозирование исходящих финансовых потоков должно осуществляться с учетом всех поступлений денежных средств, включая инвестиционные. Определено, что для страховых компаний Республики Беларусь на современном этапе развития экономики наиболее целесообразным методом прогнозирования является модифицированный нормативный и корреляционно-регрессионный методы.Item Geographic information systems: should they be used in public finance reform development?(Springer Nature Switzerland AG, 2018-05) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаPublic finance reform is one of the most complex areas of decision-making. It requires proper implementing methodology and tools for visualizing possible results of reform in a society. The purpose of this article is to show how geographic information systems (GIS) can be used in the development of reform in the sphere of public finance. GIS could provide a wide range of analysis and better support for ideas of reforms. GIS is useful in cases of public finance reform because it makes it possible to combine statistical, demographical, and geographical analyses. Also, GIS provides necessary visualization that helps ordinary citizens to understand a proposed reform and its aftereffects. GIS can increase transparency and accountability of government, because it is quite difficult to manipulate open map data. The article provides examples of how GIS can be used to justify reforms in public finance, namely, optimizing funding for formal school education and health care. Data from Ukraine was used for the analysis. This choice is due to the presence of radical reforms in this country, citizens' distrust of reforms, and lack of transparency of information about the activities of the public sector. GIS was used to test whether government reforms would comply with European standards of access to schooling and health care for all citizens. The results of the study show that such standards could not be achieved because the government did not take into account the low quality of infrastructure when developing reform programs. GIS is not a perfect tool and several challenges should be also considered. Firstly, the software for GIS must be revised quite often. Secondly, GIS software continues to change and improve over time and there are now several GIS applications that range from being relatively free (having limited tools) to being very expensive (for example, ArcGIS 10.). Thirdly, to follow the idea of increasing transparency, all GIS software should have no conflicts between each other. This means that data from one GIS software can be easily exported into different GIS applications.Item Government financial accountability: key problems and main trends in post-communist countries(Stowarzyszenie Księgowych w Polsce, 2018) Fedosov, Viktor; Федосов, Віктор Михайлович; Федосов, Виктор Михайлович; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe article deals with the problems of government financial accountability in post-communist countries. The purpose of the article is to justify the necessity of government financial accountability development, especially in post-communist countries. Several research methods were used. First of all, the positive economic approach was used to describe the main ideas of government financial accounting and accountability. Secondly, Worldwide Governance Indicators were used to prove the necessity of government financial accountability development in post-communist countries. Thirdly, by using an institutional analysis, the main problems in government financial accountability were discovered. Fourthly, ideas to improve government financial accountability were suggested. Those suggestions were developed, taking into account the specific problems of post-communist countries. Government financial accounting in post-communist countries, such as Ukraine, Belarus, and Russia, significantly lags behind the demands of modern society, affecting all members and levels of the national economy. Overcoming this problem is common to almost all post-communist countries. Effective financial and economic information must meet basic quality characteristics – relevant, significant, objective, comprehensive, neutral, and without error. Post-communist countries which are not EU members must consider the important role of open financial information in the successful development of state and business spheres, increasing competitive advantage and attracting investors. Artykuł porusza problematykę rządowej odpowiedzialności w krajach postkomunistycznych. Celem artykułu jest uzasadnienie konieczności rządowej odpowiedzialności, szczególnie w krajach postkomunistycznych. Zastosowano kilka metod badawczych. Po pierwsze, pozytywne podejście ekonomiczne zostało użyte do opisania głównych idei rządowej odpowiedzialności. Po drugie, Światowe Wskaźniki Ładu Korporacyjnego posłużyły do wykazania konieczności rządowej rachunkowości finansowej i rozwoju odpowiedzialności w krajach postkomunistycznych. Po trzecie, dzięki analizie instytucjonalnej odkryto główne problemy z rachunkowością finansową rządu i rozliczalnością. Po czwarte, zasugerowano pomysły poprawy rządowej rachunkowości finansowej i odpowiedzialności. Sugestie te zostały opracowane z uwzględnieniem specyficznych problemów krajów postkomunistycznych. Rachunkowość finansowa rządu w krajach postkomunistycznych, takich jak Ukraina, Białoruś i Rosja, pozostaje znacznie w tyle za wymogami nowoczesnego społeczeństwa, dotykając wszystkich członków i poziomów gospodarki narodowej. Pokonanie tego problemu jest wspólne dla prawie wszystkich krajów postkomunistycznych. Skuteczne informacje finansowe i gospodarcze muszą spełniać podstawowe cechy jakościowe – istotne, istotne, obiektywne, kompleksowe, neutralne, bezbłędne. Kraje postkomunistyczne niebędące członkami UE muszą wziąć pod uwagę ważną rolę otwartych informacji finansowych w pomyślnym rozwoju państw i sfery biznesu, zwiększaniu przewagi konkurencyjnej i przyciąganiu inwestorów.Item Managerial accounting in the implementation of deliverology using the example of Ukraine(Sciendo, 2020) Buriachenko, Andrii; Буряченко, Андрій Євгенович; Буряченко, Андрей Евгеньевич; Zhyber, Tetiana; Жибер, Тетяна Василівна; Жибер, Татьяна Васильевна; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe article is devoted towards the application of managerial accounting for deliverology development at the local government level in countries and comparing them to the stage of fiscal decentralisation implementation in Ukraine. The aim of the article is to show how the application of the managerial accounting approach in the public sector can contribute to the introduction of deliverology at the local level using Ukraine as an example. The methodology is based on the application of Difference in Difference method for the implementation of deliverology at the local government level. It has been proved that the use of multicriteria decision-making methods in the analysis of the performance of budget programmes at the local level will contribute to the improvement of public services delivery. The main contribution of this study is to provide the basis for developing recommendations for the use of a single or uniform standard of electronic databases on regional development indicators and local budgets. This will help to ensure operational control over deviations of actual indicators from planned ones, as well as identify regions where local authorities are using resources inefficiently.Item Optimization of Government Expenditures for the Economic Development of the State. The Case of Ukraine(IARAS, 2016) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe economic crisis in Ukraine requires the government to change its approach in the management of government expenditures. The aim of this article is to explain the optimal amount of government investment needed in the economy of Ukraine and determine the economic sectors where government investments will be the most effective. It was calculated that to achieve stable growth of GDP the ratio of budgetary investments and business investment should be in these proportions: 35% should be from budgetary investments; 65% from investments from the business sector. Priority economic sectors needing government investment are agriculture and the processing industry. These will help to increase the export of finished products and reduce raw material exports in the future. GDP growth will contribute to the payment of foreign debt obligations, and reduce the budget deficit.Item Tax forecasting as part of a macro financial controlling system – the case of Ukraine(Stowarzyszenie Księgowych w Polsce, 2017) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна Васильевна; Proskura, Kateryna; Проскура, Катерина Петрівна; Проскура, Екатерина ПетровнаThe current system of forecasting and tax planning in Ukraine is oriented to the needs of the government, its goal being to calculate the desired amounts of tax revenue. Fiscal authorities apply administrative pressure on businesses to implement tax plans. In Ukraine, tax forecasting is a process that is focused on achieving short-term goals without taking into account the impact of such actions on the future economic environment, therefore negatively affecting the quality of forecasts. The aim of this article is to justify the directions of tax forecasting improvement in the macro financial controlling system. Elements of tax forecasting and the planning system are examined. The main methods of tax forecasting that are applied by the Ministry of Finance of Ukraine are analyzed. The need to improve the methodology for tax forecasting, taking into account the expectations of economic agents, is proved. Tools and criteria for effective tax planning and forecasting in Ukraine for controlling bases are developed. Obecny system prognozowania i planowania podatków na Ukrainie jest zorientowany jedynie na potrzeby rządu, który stosuje presję administracyjną podczas wdrażania podatków i nie uwzględnia oczekiwań podmiotów gospodarczych. Problemem prognozowania podatkowego jest również fakt, że proces ten koncentruje się na osiąganiu celów krótkoterminowych, a nie uwzględnia wpływu działań podatkowych na środowisko gospodarcze w przyszłości. Celem artykułu jest próba wytyczenia takich kierunków prognozowania i planowania podatkowego, które uwzględnią oczekiwania podmiotów gospodarczych na Ukrainie. W artykule poddano analizie metody stosowane przez Ministerstwo Finansów Ukrainy. Podjęto próbę opracowania narzędzi i kryteriów skutecznego planowania i prognozowania podatkowego oraz zasad regulowania kontroli podatkowej.Item Tax reforms in Ukraine and Georgia: changing priorities(Федеральное государственное автономное образовательное учреждение высшего образования «Уральский федеральный университет имени первого Президента России Б. Н. Ельцина», 2019) Bedianashvili, G.; Бедианашвили, Г.; Ivanov, Yu. B.; Иванов, Ю. Б.; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe Georgian and Ukrainian tax systems both emerged after the collapse of the USSR, yet the tax reforms in the two countries pursued different trajectories and produced different outcomes. The article systematizes and compares the results of the tax reforms in Ukraine and Georgia. The study applies qualitative methods for historical analysis, for periodization of the reforms and for classifying their key priorities and the factors that influenced them. Quantitative methods are applied to compare the tax burden in Ukraine, Georgia and OECD countries. The success and failure of the tax reforms was measured by the index of economic freedom (including its component – the index of tax burden). The first hypothesis suggested that a reduction in the tax burden had a positive impact on the indicators of economic freedom; the second hypothesis stated that a reduction in the tax burden affected fiscal freedom but did not affect the index of economic freedom. Regression dependences of the average tax burden (including the tax burden resulting from social security contributions) and the index of economic freedom (including the index of tax burden) were built in the R environment. The regression analysis confirmed the first hypothesis for Ukraine and the second, for Georgia. This result can be explained by the fact that, unlike Ukraine, the Georgian tax reforms focused on institutional changes, which determined their success. In 1996–2018, Georgia rose in the ranking of economic freedom and joined the group of economically free countries. Moreover, this country has been steadily improving its position in the ranking. Ukraine, on the contrary, has remained in the group of economically unfree countries. Due to the unbalanced reforms and insufficient structural changes, the country’s government failed to ensure the desired effect from the tax burden reduction. Становление и развитие налоговых систем Грузии и Украины имели одну отправную точку – распад СССР, но пути реформирования были разными, что повлияло на результаты реформ. Целью статьи является систематизация и сравнительный анализ результатов налоговых реформ двух стран. Качественные методы исследования применены для исторического анализа и периодизации налоговых реформ в Украине и Грузии. Выявлены факторы и приоритеты налоговых реформ в исследуемых странах. Изменения налоговых систем структурированы в соответствии с выделенными этапами. Количественные методы использованы для аналитического сравнения налоговой нагрузки в Украине, Грузии и странах ОЭСР. В качестве индикатора результатов налоговых реформ выбран индекс экономической свободы, и его составляющая – индекс налоговой нагрузки. Сформулированы две гипотезы: (1) снижение налоговой нагрузки положительно отразилось на показателях экономической свободы; (2) снижение налоговой нагрузки повлияло на фискальную свободу, но не повлияло на индекс экономической свободы. С помощью программной среды R построены регрессионные зависимости средней налоговой нагрузки (включая налоговую нагрузку по взносам на социальное страхование) и индекса экономической свободы (включая индекс налоговой нагрузки). Результаты регрессионного анализа показали, что для Украины подтвердилась первая гипотеза, для Грузии – вторая. Полученный результат объясняется тем, что проводя налоговые реформы, Грузия, в отличие от Украины, сделала акцент на институциональных изменениях в сфере налогообложения. Как результат, грузинские налоговые реформы оказались более успешными, и страна за период с 1996 по 2018 г. в рейтинге экономической свободы смогла подняться в группу экономически свободных стран и ежегодно повышать рейтинг в этой группе. Украина так и осталась в группе экономически несвободных стран, поскольку несбалансированность налоговых реформ, недостаточные институциональные и структурные изменения не дали ожидаемого эффекта от снижения налоговой нагрузки.Item The Impact of Fiscal Deficit on Economic Growth:Evidence fromEurope(Diamond Scientific Publication (MOKSLINĖS LEIDYBOS DEIMANTAS), 2021) Bohach, Maryna; Богач, Марина Віталіївна; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаThe purpose of this paper is to determine the impact of fiscal deficit on economic growth to find out whether it is possible to promote economic growth through reduction of the gap between government revenue and expenditures. The sample for empirical analysis consists of thirty-seven European countries according to United Nations approach. We used panel regression to test stated hypothesis. The findings demonstrate that in the case of developed countries the fiscal deficit reduction could be one of the tools of accelerating economic growth. For developing countries, this method should not be used, as the deficit has no significant impact on GDP per capita.Item Ukrainian government bureaucracy: benefits and costs for the society(Published by Redfame Publishing, 2017-06) Fedosov, Viktor; Федосов, Віктор Михайлович; Федосов, Виктор Михайлович; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна ВасильевнаGovernment bureaucracy efficiency, and its attending cost for society, is one of the gravest issues currently facing Ukraine. The low efficiency of Ukrainian government bureaucracy is caused by a merger of bureaucracy, political power, and large, manipulating business interests. As a result, Ukraine faces a significantly depressed economy, a high level of corruption, low property rights protection, and a pervasive lack of trust in the government in general. In order to understand the true costs and benefits of government bureaucracy for the Ukrainian society, a methodology of calculating bureaucracy specifically for Ukraine was developed. Previously unused indicators were added to provide greater accuracy. The inefficiency of Ukrainian government bureaucracy was determined categorically. Paths to the improvement of Ukrainian government bureaucracy efficiency were suggested.Item Using trading system consolidated models in stock exchange price forecasting(Springer Nature Switzerland AG, 2019-06) Pankratova, Liubov; Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна Васильевна; Lysenko, YaroslavFor successful trading on stock exchanges, it is important to use trading tools that will ensure success in trading operations and provide competitive advantages. The purpose of the article is to develop an algorithm for the creation of a trading system and selecting a research object whose shares may subsequently become the object of real trade. The basis of the developed trading system is the consolidated mathematical model based on several models (multipliers, neural network and discounted cash flows). Two forecasting models were created. The first consolidated model estimates share prices with lower deviation from the actual prices than the prices predicted by other mathematical models. For the second consolidated model, TakeProfit at the forecasted level was set. It allows closing the position as soon as a targeted price is reached. The results of the work identified directions for improving trading algorithms by use of the elements of fundamental analysis, namely, by forecasting the impact of macroeconomic factors and an evaluation of market indices.Item VAT Administration in Ukraine and its Influence on Working Capital Management of Corporations(ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана», 2016-06-21) Paientko, Tetiana; Паєнтко, Тетяна Василівна; Паентко, Татьяна Васильевна