ECONOMIC SECURITY
DYACHENKO Iakiv 1
1SESE “The Academy of Financial Management”
The state counteraction measures to unproductive capital outflow outside Ukraine
In the article the theory of dependence of national economies on international capital movements, the practice of economic activity and the impact of suspicious ?nancial transactions are reviewed. Main causes and expected consequences of capital out?ow (macroeconomic instability, lack of con?dence in the banking sector, high and unstable tax rates, corruption and weak protection of property rights, non-transparent and corrupt privatization), used evaluation methods, implementation in modern conditions of speci?c and frequent traditional schemes and methods for conducted suspicious ?nancial transactions are grounded. The analytical materials containing the quantitative assessment of the state capital out?ow, false manipulations in international trade, tax evasion and minimization of tax liabilities are confirmed by actual data and provisions of existing legislative acts. Creation of removal and legal barriers for shadow capital out?ow outside Ukraine, improvement of fhe ?nancial sustainability of the state, growth of budget revenue are proposed to be provided by the following measures: a) to adopt the Law “On Amendments to the Tax Code of Ukraine” with the provisions of counteraction instruments in process of the state capital out?ow (nationwide to introduce the tax in the amount of 15 % of transactions with non-residents, to determine the criteria of the state to the list of o?shore zones, expand and re?ne the list at no cost with accountability area taxable income); b) to amend the Tax Code of Ukraine concerning the annual disclosure of assets and financial results of controlled foreign corporations to ensure transparency of their activities; c) to ?nalize the draft and adopt the Law of Ukraine “On the return of capital, registered in Cyprus, o?shores and other jurisdictions, exempted from double taxation, or those with preferential tax treatment”; d) to improve the state counteraction measures in accordance with the new FATF recommendations. These proposals will form the legal basis for the state regulation of foreign economic transactions and ?nancial ?ows in order to limit unproductive capital out?ow outside the state.
Keywords:capital “flight”, capital outflow, legalization of criminal proceeds, risk’s criteria, financial security, state regulation.
JEL: F21, F32, G18, G28, G32.
DYACHENKO I. . The state counteraction measures to unproductive capital outflow outside Ukraine / I. . DYACHENKO // Наукові праці НДФІ. - 2015. - № 2. - C. 149-157.
| Article original in Ukrainian (pp. 149 - 157) | Download | Downloads :538 |
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