Influence of monetary policy on the modern mechanisms of tax regulation

This study examines theoretical and applied problems of the influence of monetary policy on the modern mechanisms of tax regulation. The goal of the study is to determine the connection between the instruments, channels, mechanisms and regimes of the monetary policy of the National Bank of Ukraine and the instruments and mechanisms of the tax regulation, their monetary transmission influence on the budget architectonics. Methods of the study. In order to achieve the goals specified in the academic article a systemic approach has been used to determine the connection between the instruments, channels, mechanisms and regimes of the monetary policy of the National Bank of Ukraine and the instruments and mechanisms of the tax regulation, their monetary transmission influence on the profitable part of the state and local budgets of the country. Study results: the study has shown the influence of instruments of the monetary policy of the National Bank of Ukraine (official exchange rate, bank rate), emission channel of the national currency of Ukraine, organization mechanism of cash and noncash money turnover and the regime of inflation targeting on the tax regulation mechanisms (planning, forecasting, accounting, control, administration) and their elements (taxpayers, taxation basis, tax rates, process of tax calculation, tax payment procedure) which on the whole determine their influence on the budget architectonics (correlation of the profitable part of the state and local budgets) over a short period of time through the mechanism of impulse transmission. Application area of results: organizing and conducting scientific research and ensuring the coordination in the sphere of tax, budget and monetary policy. Conclusion. The results of the study show that the monetary policy of the National Bank of Ukraine, by implementing monetary transmission mechanism as a process of transmitting changes in the use of its instruments, has a significant influence on certain mechanisms and elements of the tax regulation at the first stage of its implementation, and at the second stage the changes in the tax regulation are introduced into the budget regulation and influence the budget architectonics. The whole correlation between the profitable part of the state and the local budgets is the result of influence of the totality of instruments, channels, mechanisms and regimes of the monetary policy of the National Bank of Ukraine on the instruments and mechanisms of the tax regulation at the first stage of implementation of the monetary transmission mechanism.