Fiscal Regime and Tax Policy in Resource-Rich Countries In The Process Of Globalization: Literature Review

Authors: Hassane Eddassi, ORCID: https://orcid.org/0000-0002-3153-0034 PhD, Economist/Middle Manager, Ministry of Finance, The Kingdom of Morocco Pages: 67-77 DOI: https://doi.org/10.21272/sec.4(2).67-77.2020 Download: Views: Downloads: 6 2 Abstract The sharp decline in oil prices combined with the COVID 19 pandemic has caused significant material damage to countries with significant natural resource reserves. These two events have a huge impact on the economic performance of these countries, despite the presence of huge reserves of gold and foreign exchange reserves and financial strength. The main purpose of the study is to analyze the features of the formation and implementation of fiscal policy in countries with the largest reserves of natural resources, as well as the specifics of taxation of the processing economy. The methodological basis of the study were the methods of bibliometric analysis of scientific publications devoted to the study of tax issues in the above countries. The study found that countries with significant reserves of natural resources are more dependent on the instability of the macroeconomic situation in the world and financial market conditions, as well as insufficient investment in human capital, inadequate funding for information and communication technologies and low tax rates. revenues in the structure of filling state funds. According to the results of the study, a set of countercyclical measures of fiscal policy is proposed, which relate to changes in the volume of public procurement, remuneration of civil servants, the volume of public capital investments, tax rates, etc. The article emphasizes the need to first change the structure of budget revenues by increasing the share of tax payments and reducing the share of revenues from rent for the use of the country's subsoil. This article is useful for experts and researchers engaged in research in the field of taxation and extractive industries.