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Financial Aspects of Identifying Present-Day Hidden Economic Processes

Journal: Accounting and Finance (Vol.1, No. 64)

Publication Date:

Authors : ; ;

Page : 108-115

Keywords : hidden economy; rent-seeking behavior; government regulation; taxes; economic crimes; opportunism;

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Abstract

The study deals with the identification of present-day hidden economic procedures occurring in agrarian sector of Ukraine. Main components of hidden economy characteristic for agricultural sector and current stage of the state economic development have been determined. The focus has been made on issues of using tax concessions; fingerprint examples of hidden economy implementation processes have been given. Problems of the economy state regulation have been highlighted trough an example of applying contractual approach (transaction-reconciliation) as an ineffective tool for filing the budget; potential threats have been identified that may result from this contractual approach. It has been emphasized that special attention should be paid to the analysis and regulation of bankruptcy procedures in order to prevent strategic defaults. Role of local authorities in debtor company solvency restitution has been determined. Vectors for improvement of shadow economy fighting system have been laid out and appropriateness of increasing degree of liability (including criminal one) for economic crimes has been grounded.

Last modified: 2014-08-08 16:39:48