Formation and implementation of the country’s budget under conditions of the global COVID-19 pandemic

  • Andrіy Nikitishin Vinnitsa trade and economic institute KNTEU
Keywords: budget, budget and tax policy, taxation, budget revenues, budget expenditures, budget formation, budget execution

Abstract

Relevance of research topic. The global COVID-19 pandemic is forcing government regulators to adjust the priorities of the state budget and tax system. Under such conditions, it is particularly important to ensure the effectiveness of the system of formation and implementation of the country's budget which allows to create conditions for expanding fiscal space. Formulation of the problem. Restrictive measures in the fight against the global COVID-19 pandemic negatively affect the fiscal policy of the state. Taxpayers need support from the state which in turn affects the structure of revenue and expenditure budgets at all levels. To increase the level of socio-economic development of the country and territorial communities it is necessary to ensure balanced fiscal regulation. Analysis of recent research and publications. The issue of formation and implementation of the country's budget is widely reflected in the works of foreign and domestic scholars: J. Keynes, A. Laffer, R. Musgrave, P. Samuelson, J. Stiglitz, W. Tanzi, I. Adamenko, Y. Zhalilo, L. Lysiak, I. Lukianenko, V. Makohon, M. Pasichnyi, Yu. Radionov, I. Chuhunov and others. Selection of unexplored parts of the general problem. The growing fiscal risks caused by the destabilizing impact of the global COVID-19 pandemic require strengthening the soundness of the process of formation and implementation of the country's budget. Problem setting, research goals. The main objectives of the study are: to show the peculiarities of the formation and implementation of the country's budget in the global COVID-19 pandemic; to substantiate the main directions of improving the system of formation and implementation of the country's budget under modern conditions. The purpose of the study is to assess the peculiarities of the formation and implementation of the country's budget in the global COVID-19 pandemic. Research methodology. The article uses a set of methods and approaches: systemic and structural approach, statistical analysis, structuring, comparative approach, factorial approach, etc. Results of work. The essence and role of the fiscal system under the conditions of social and economic instability are revealed. The peculiarities of the formation and implementation of the national budget in the global COVID-19 pandemic are shown. The comparative analysis and assessment of the main budget and tax indicators in the countries with developed and transformational economies is carried out. The main directions of improving the system of formation and implementation of the country's budget under conditions of the global COVID-19 pandemic at all levels of the budget system are substantiated. Area of application of results. The results of the study can be used in the formation and implementation of fiscal policy under modern conditions. Conclusions. The crisis provoked by the global COVID-19 pandemic is negatively affecting the fiscal policy of the state, and therefore public authorities must take prudent and reasonable measures of discretionary fiscal policy, including during the formation and implementation of the state budget. Significant fiscal support measures taken by the government to combat COVID-19 are designed to support taxpayers by reducing tax pressures and increasing state social assistance, which is important to ensure economic growth and employment. Health policy, unemployment benefits, government support for corporate liquidity, remittances and wage subsidies increase the expenditure side of the budget. On the other hand, the difficult macroeconomic conditions caused by the global COVID-19 pandemic create and maintain significant budgetary risks while ensuring the proper level of revenue execution of budgets at all levels.

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References

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Author Biography

Andrіy Nikitishin, Vinnitsa trade and economic institute KNTEU

Doctor of Economics, Associate Professor, Professor of the Department of Finance

Published
2022-03-18
How to Cite
Nikitishin, A. (2022). Formation and implementation of the country’s budget under conditions of the global COVID-19 pandemic. University Economic Bulletin, (52), 161-167. https://doi.org/10.31470/2306-546X-2022-52-161-167
Section
Finance, Monetary Circulation and Credit