FOREIGN EXPERIENCE OF TAX STIMULATION OF BUSINESS IN THE CONDITIONS OF COVID‑19

The article examines the foreign experience of tax incentives for business in the conditions of COVID-19 and the possibility of its application in Ukraine. Tax incentives are one of the main prerequisites for the development of successful business in the country. In particular, it should be noted that the state tax incentives for business increase the level of economic development, increase the social status of the population, develop innovations that are a driving force to improve the overall economic climate of the state. The focus is on fiscal stimulus policy, which has been repeatedly used as a tool to ensure macroeconomic stabilization and economic development of the country. However, the COVID-19 pandemic had significant negative consequences: first, due to reduced production; secondly, due to the decline in business activity and income of economic agents, which discourages consumer and investment demand. The typology of mixed tax incentives aimed at recovery and added to the provisions on overcoming the crisis in the world are considered. The use of deterrence measures by some countries began to weaken after the first wave of the pandemic, so countries began to introduce tax measures aimed at recovery. The general tax incentives, which include corporate tax incentives for investment, as well as reductions in VAT rates, focused on the most affected sectors of the economy and coexisted with long-term assistance measures. Ukraine's global ranking in Europe and Central Asia, determined by the World Bank «Doing Business» and assessing the ease of doing business in the country in 2020, is presented. Tax incentives for business in Ukraine and deferrals of payments, which are enshrined in law and were provided for during the crisis due to COVID-19, are presented. Tax incentives have been proposed that will promote business development taking into account foreign experience. Based on the experience of tax incentives in the context of COVID-19, we propose to provide more support to small businesses.