TAX ON WITHDRAWED CAPITAL IN THE CONDITIONS OF CHANGES IN TAX LEGISLATION: ACCOUNTING ASPECT
Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.2, No. 54)Publication Date: 2021-10-31
Authors : Нushlenko Iryna;
Page : 17-24
Keywords : accounting model; income tax; tax on withdrawn capital;
Abstract
The expediency of introducing changes to the tax legislation on the introduction of withholding tax instead of the classic corporate income tax is substantiated and an alternative on the transformation of income tax into withholding tax is proposed to create favorable investment conditions for business development. It is necessary to introduce an alternative accounting model of business capital taxation, where there is a clarification of the object of income taxation, specification of transactions and tax rates and the introduction of sub-accounts for the accounting of such tax. The need to adopt changes to the legislation, which should become a catalyst for the development of business in Ukraine and the economy as a whole, is outlined. The relevance of the introduction of a tax on withdrawn capital as an element of protection against tax avoidance schemes and incentives for business owners to expand production capacity to stimulate the development of the business environment across the country.
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