ECONOMIC PASSPORT AS A FORM OF IMPLEMENTATION OF THE OWNERSHIP RIGHTS OF THE UKRAINIAN PEOPLE OF MINERAL RESOURCES

According to Article 13 of the Constitution of Ukraine, the land, its subsoil and other natural resources located within the territory of Ukraine are objects of ownership of the Ukrainian people, on whose behalf the rights of the owner are exercised by state authorities and local self-government bodies. Therefore, citizens of Ukraine do not have the opportunity to directly exercise their right to subsoil ownership and do not receive any financial benefits from having such a right. International experience demonstrates the successful implementation of other economic and legal models and the practical possibility of implementing the concept of an economic passport of citizens, which is also real for Ukraine. The fund proposed to be created in Ukraine is not unique and has features characteristic of other sovereign wealth savings funds that have already exist in the world. The first such fund is considered to be the Kuwait Investment Authority, which was created at the expense of revenues from the sale of oil. The legislative consolidation of the provisions regarding the introduction of the concept of an economic passport will provide the citizens of Ukraine with the opportunity to exercise the right of ownership of the subsoil directly and receive the corresponding benefit. Domestic draft laws provide that the payment for the use of subsoil should be accumulated in special accounts of project participants, which will be formed from the funds of the State Budget of Ukraine, which came from the payment of the corresponding rent payments for the use of subsoil. Other sources, due to which revenues to the Fund can be formed, have been analyzed. The issue of what the percentage of deductions from the rent to the Fund should be in order to avoid a budget deficit and unprofitability of the project was considered. The experience of other states in managing relevant funds is being studied.