Suchergebnisse

Relevance of the research topic. The domestic securities market has significant opportunities for money laundering through its underdevelopment, significant level of shadowing and the overall financial and economic situation in the country. In such circumstances, the issue of the effectiveness improvement for financial monitoring as the main tool to counteract the income legalization and the holding of shadow operations on the securities market is relevant. Formulation of the problem. The low efficiency of the stock market of Ukraine, especially with regard to providing protection and transparency of investments, significantly reduces its competitiveness to obtain both foreign and domestic investments. Financial monitoring of securities transactions has key importance for effective development of the stock market in terms of its reliability and safety. Analysis of recent research and publications. Problems of financial monitoring in the aspect of ensuring financial and economic security and counteracting the legalization of illegally obtained proceeds, the financing of terrorism and the proliferation of mass impression weapons were investigated in the works of such scientists as O. Akimova, S. Butkevich, O. Glushchenko, S. Kuznetsov O. Kurishko, L. Klyusko, A. Khmelyuk and others. Selection of unexplored parts of the general problem. Considering the significant results of the research of the mentioned problems, the important object of financial monitoring, such as the securities market, is remained without the attention of the researchers though a considerable amount of shadow financial transactions is going on it. The purpose of the study is to analyze the current realities of financial monitoring in the Ukrainian securities market and to determine its development perspectives. Method or methodology for conducting research. The research was conducted on the basis of a systematic approach using methods of analysis, synthesis, comparison, generalization and extrapolation. Results of work. The peculiarities of primary and state financial monitoring on the securities market of Ukraine are determined. Key performance indicators of professional stock market participants as subjects of primary financial monitoring are analyzed, as well as indicators of activities of the NSSMC and SSFM of Ukraine in the field of financial monitoring on the securities market. The main typical violations of the legislation on financial monitoring in the stock market and the main types of securities used to launder "dirty" funds are highlighted. The field of application of results. The results of the study can be used in the preparation of drafts to the domestic legislation governing the implementation of financial monitoring, as well as in the preparation of state programs for the development of the domestic stock market. Conclusions. According to the results of the research, it is concluded that there are significant perspectives for the development of financial monitoring on the Ukrainian securities market. Considering the common violations in the field of the financial market monitoring legislation, control for customer risk management procedures should be enhanced as well as for procedures to identificate, verificate and clarify information about clients and their representatives. Considering the most common ways for "dirty" funds laundering in the securities market, its professional participants – the subjects of the primary financial monitoring should follow the NSSMC's recommendations for setting high level of risk for clients with certain characteristics.

Taxation is one of the most effective instruments of governmental regulation during periods of economic crises and social instability. Tax regulation is an important mean of indirect state influence state on different aspects of social and economic development and taxpayers' activities and can act as a stimulating and restraining influence on insurance activity through taxation of its financial results. The effectiveness of such influence is indirectly, through positive or negative changes in the performance of insurance activity indicators. The vector of change of these indicators should correspond to the direction of tax regulation and correlate with the corresponding indicators of the tax payments amounts. The multidimensional impact of taxes on the results of insurance activities in a dynamic social, economic and institutional environment in Ukraine necessitates the continual updating of analytical researches on the effectiveness of tax regulation in order to enhance its stimulating effect on the insurance sector. The subject of the study is a set of indicators that characterize the impact of tax regulation on insurance activity in Ukraine through the mechanism of income taxation of its financial results. The aim of the study is to analyze the current state of tax regulation of insurance activity and update its perspectives in Ukraine. Methods of observation, analysis, comparison and logical generalization were used in the study. Financial indicators that characterize the effectiveness of insurance companies as well as tax liabilities on corporate income tax in terms of types of insurance activities are analyzed in the study. Also the analysis of macroeconomic indicators that characterize the tax burden on insurers on corporate income tax and theirs share in the corresponding revenues to the budget is conducted. On the basis of the correlation of the identified trends in the insurance activities and their taxation at the micro and macro levels, the regulatory impact of income taxation on insurance activities is assessed. According to the results of the study, it was concluded that there is no clear correlation between the indicators characterizing the payment of taxes by insurance companies and the financial indicators of their activities, which is explained by complicated, ambiguous and volatile mechanism of calculation of this tax. At the moment the actual mechanism of tax regulation can not be called effective either in the stimulus or in the fiscal aspect. However, the decision to cancel this mechanism should be based on systematic and long-term analytical observations. Taking into account the results of the study, an important direction for further research on the issues of tax regulation of insurance activities is the justification of such a mechanism of insurers' taxation, which will ensure the combination of adequate tax burden with the maximization of their financial results. The improvement of this mechanism should take place in terms of general stimulation of insurance activity and insurance investments as well as an increase in counteraction to the outflow of insurance capital in the offshore. The results of the study can be used in drafting amendments and additions to the Ukraine's legislation regulating insurance activity and the procedure for its taxation as well as in preparation government programs for the insurance market development.

Introduction. Permanent reformation of Ukrainian tax system, which is carried out under crisis conditions of economic and social instability, political confrontation and military conflict, leads to the tax risks increase. The significance of tax risks impact on the financial security of both the state and taxpayers necessitates the modernization of the system for their identification, evaluation and neutralization. It caused the relevance of further investigation of tax risk management issues. Purpose. The research aims at the modernization of the conceptual foundations of tax risks management in the modern system of financial security of Ukraine.Methods. Method of theoretical analyses is used.Results. The theoretical basis of tax risks management and normative and methodical support for the implementation of its separate components in Ukraine are considered. The issues of tax risk and its main elements have been further developed. The classification of tax risks has been modernized. The conceptual foundations of tax risks management have been updated in the aspect of providing financial security at the macro and micro levels. The author's approach to the cost estimation of the consequences of tax risks and author's vision of the modern system of tax risks management are proposed. The most effective methods for neutralization of tax risks in modern conditions are determined.Originality. Conceptual basis of tax risks management have been modernized in terms of financial security of Ukraine at the macro and micro level. There were developed issues of tax risk and its components including subject, object and source. Depending on subjective composition object and source of tax risks have been clarified. Depending on the reasons of tax risks their classification has been updated. The cost estimation of the tax risks consequences for both the state treasury and taxpayers has been proposed. Key elements of the modern system of the tax risks management in Ukraine have been defined.Conclusion. The risky social, economic and legal environment in Ukraine caused by permanent social and economic crises, political instability and military confrontation is the source of a significant number of large-scale tax risks that threaten the normal financial and economic activity of both the entities and individuals, but also threaten the performance of the state functions due to the lack of proper financial support. Therefore, tax risks become the newest paradigm for building Ukrainian tax system and modernization of the taxation process. Research of tax risks must become the scientific basis for modernization of the financial security system in the field of taxation. In this aspect there will be a need for further research of tax risks and their management system in order to improve the methods for identification, estimation and neutralization of tax risks. Positive experience of European tax risk management also must be researched in terms of its possible use in Ukraine.