IDEAS home Printed from https://ideas.repec.org/a/bal/journl/2256-074220228111.html
   My bibliography  Save this article

Innovative Changes In Financial And Tax Systems In The Conditions Of Digital Transformation

Author

Listed:
  • Oleksandr Manzhura

    (Poltava University of Economics and Trade, Ukraine)

  • Galyna Pochenchuk

    (Yuriy Fedkovych Chernivtsi National University, Ukraine)

  • Nataliia Kraus

    (Borys Grinchenko Kyiv University, Ukraine)

Abstract

The purpose of the research is to present the features of innovative changes in financial and tax systems in terms of digital transformation as a foundation to build a new quality of economic system in terms of virtual mobility and financial technologies that change business in the direction of its electronic direction. The object of the scientific research is the process of digitizing innovative changes in financial and tax systems in terms of virtual mobility, which has every chance to become a decisive step in implementing digital development strategy of Ukraine through the development of digital financial instruments, digitized financial de-velopment institutions, smart services and efficient defining a new quality of management of financial and tax systems. Methodology. By relying on compara-tive-retrospective analysis, synthesis, and system method, the digitalization of innovative changes of financial and tax systems is investigated. It determines the new quality and format of work of financial development institutions in the times of deepening virtual mobility. Comparative analysis was used to study the con-tent of regulatory and supervisory financial technologies, namely: RegTech, SupTech; the functions of financial system that reveal its role are indicated. The result of the article. Factors contributing to the development of financial system are presented; the authors give their vision of the content of non-financial com-panies that provide traditional financial services in virtual reality. The content of some innovative and digital changes in the Ukrainian tax system has been identi-fied and disclosed. Practical implications. It is argued that key innovative chang-es that need to be addressed in the context of reforming and digital transfor-mation of financial system have been revealed. Factors contributing to the devel-opment of financial system are presented. The peculiarities of digital initiatives that take place in the taxation system are indicated. Value/originality. In order to timely inform taxpayers in the media and on the web portal of the tax service, it is proposed to systematically covers main issues regarding the procedure for fil-ing tax returns, categories of taxpayers required to file reports, deadlines for such reporting, list of costs included as part of tax rebate. Payer Service Center should implement this awareness. Author’s vision of the content of practical work of non-financial companies providing traditional financial services in the conditions of virtual mobility is presented and thoroughly revealed.

Suggested Citation

  • Oleksandr Manzhura & Galyna Pochenchuk & Nataliia Kraus, 2022. "Innovative Changes In Financial And Tax Systems In The Conditions Of Digital Transformation," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 8(1).
    • Handle: RePEc:bal:journl:2256-0742:2022:8:1:11
    DOI: 10.30525/2256-0742/2022-8-1-94-102
    as

    Download full text from publisher

    File URL: http://www.baltijapublishing.lv/index.php/issue/article/view/1685/1703
    Download Restriction: no
    File URL: http://www.baltijapublishing.lv/index.php/issue/article/view/1685
    Download Restriction: no
    File URL: https://libkey.io/10.30525/2256-0742/2022-8-1-94-102?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Aghion, Philippe & Bacchetta, Philippe & Rancière, Romain & Rogoff, Kenneth, 2009. "Exchange rate volatility and productivity growth: The role of financial development," Journal of Monetary Economics, Elsevier, vol. 56(4), pages 494-513, May.
    2. Aghion, Philippe & Angeletos, George-Marios & Banerjee, Abhijit & Manova, Kalina, 2010. "Volatility and growth: Credit constraints and the composition of investment," Journal of Monetary Economics, Elsevier, vol. 57(3), pages 246-265, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Philippe Aghion & Emmanuel Farhi & Enisse Kharroubi, 2019. "Monetary Policy, Product Market Competition and Growth," Economica, London School of Economics and Political Science, vol. 86(343), pages 431-470, July.
    2. Brüeckner,Markus & Carneiro,Francisco Galrao, 2015. "The effects of volatility, fiscal policy cyclicality and financial development on growth : evidence for the Eastern Caribbean," Policy Research Working Paper Series 7507, The World Bank.
    3. Gianluca Benigno & Luca Fornaro, 2018. "Stagnation Traps," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(3), pages 1425-1470.
    4. Dai, Yanke & Li, Baoxin & Xu, Yangfei, 2023. "International transmission of exchange rate volatility: Evidence from FIEs’ investments in China," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    5. Thorsten Beck, 2013. "Finance, growth and fragility: the role of government," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(1/2), pages 49-77.
    6. Lin, Pei-Chien & Huang, Ho-Chuan (River), 2012. "Banking industry volatility and growth," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 1007-1019.
    7. Lisa Chauvet & Luc Jacolin, 2015. "Financial Inclusion and Firms performance," Post-Print hal-01516871, HAL.
    8. Lee, Dongwon, 2023. "Commodity terms of trade volatility and industry growth," European Economic Review, Elsevier, vol. 156(C).
    9. Gründler, Klaus & Weitzel, Jan, 2013. "The financial sector and economic growth in a panel of countries," Discussion Paper Series 123, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
    10. Mekki Hamdaoui & Samir Maktouf, 2019. "Overall effects of financial liberalization: financial crisis versus economic growth," International Review of Applied Economics, Taylor & Francis Journals, vol. 33(4), pages 568-595, July.
    11. Pierre-Emmanuel Darpeix, 2019. "Literature review on the consequences of food price spikes and price volatility," Working Papers hal-02072329, HAL.
    12. Hsu, Po-Hsuan & Taylor, Mark P. & Wang, Zigan & Xu, Qi, 2022. "Currency volatility and global technological innovation," Journal of International Economics, Elsevier, vol. 137(C).
    13. Beck, T.H.L., 2011. "The Role of Finance in Economic Development : Benefits, Risks, and Politics," Discussion Paper 2011-141, Tilburg University, Center for Economic Research.
    14. Pierre-Emmanuel Darpeix, 2019. "Literature review on the consequences of food price spikes and price volatility," PSE Working Papers hal-02072329, HAL.
    15. Bechlioulis, Alexandros & Economidou, Claire & Karamanis, Dimitrios & Konstantios, Dimitrios, 2023. "How important are capital controls in shaping innovation activity?," Journal of International Money and Finance, Elsevier, vol. 131(C).
    16. BENEDETTI FASIL Cristiana & IMPULLITTI Giammario & LICANDRO Omar & SEDLACEK Petr, 2020. "Firm and Technology Dynamics in the Short- and Long-Run: A Macroeconomic Model for Research and Innovation Policy Evaluation," JRC Research Reports JRC120871, Joint Research Centre.
    17. repec:dau:papers:123456789/15070 is not listed on IDEAS
    18. Ferraro, Domenico, 2017. "Volatility and slow technology diffusion," European Economic Review, Elsevier, vol. 96(C), pages 18-37.
    19. Aghion, Philippe & Hémous, David & Kharroubi, Enisse, 2014. "Cyclical fiscal policy, credit constraints, and industry growth," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 41-58.
    20. Grobéty, Mathieu, 2018. "Government debt and growth: The role of liquidity," Journal of International Money and Finance, Elsevier, vol. 83(C), pages 1-22.
    21. Rodriguez, Cesar M., 2017. "The growth effects of financial openness and exchange rates," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 492-512.

    More about this item

    Keywords

    innovative changes; digital financial technologies; financial system; digital transformation; digitalization of tax system;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bal:journl:2256-0742:2022:8:1:11. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Anita Jankovska (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.