THE INFLUENCE OF INCOME TAX ON ECONOMIC GROWTH IN UKRAINE

The article identifies the fiscal aspects of income tax collection in Ukraine, examines the impact of corporate income tax rate on economic growth, expressed through real GDP growth per capita in Ukraine, and substantiates recommendations for increasing the efficiency of income taxation. Based on the analysis of foreign scholars' research, it is determined that under the effective functioning of the tax system, corporate income tax should regulate business activities, create favorable conditions for doing business, promote investment processes and have a stimulating effect on economic growth. The method of correlation analysis was used to investigate the impact of the corporate income tax rate on economic growth. Using the Statistica package, a correlation was found between the corporate income tax rate and real GDP growth per capita between 2000 and 2017. The results of the analysis show that there is a direct relationship between the observed variables of the medium strength. That is, with higher values of the income tax rate and GDP growth per capita was higher. It is determined that despite the positive results of modeling, the income tax is characterized by a number of problems, including the complexity of tax administration, the possibility of tax evasion, which produces a high level of shadow economy in Ukraine, instability of approaches to taxation. Based on the study, the recommendations for improving the income tax system in Ukraine are substantiated, in particular, the simplification of the administration of corporate income tax; the possibility of applying a progressive-regressive tax rate in order to bring the profits of enterprises out of the shadows and reduce the tax burden; stimulating innovation and investment activities of the enterprise by establishing benefits and others.