FINANCIAL ASSURANCE ASPECTS OF THE TOURISM SECTOR DEVELOPMENT IN UKRAINE IN THE CONDITIONS OF COVID-19

The research deals with the state of the tourism sector of Ukraine under current conditions. The main funding sources for tourism entities have been considered. The financial measures taken by Ukraine and neighboring countries for overcoming the consequences of the pandemic in the tourism sector have been summarized. The importance of effective financial initiative support in the above-mentioned area has been substantiated. Several financial tools that should be used for the development of the tourism sector in terms of the pandemic are presented. The financial instruments of tourist activity stimulation are singled out: direct financing (public funding instruments) and indirect financing (fiscal incentives, state property rent relief, rate of tourist tax, etc.). The main destructive factors of the tourism sector development have been determined, which include: the lack of systematic state support for the tourism entities development under current conditions; a significant level of the tourism sector shadowing; misuse of funds from the land tourist tax; unsatisfactory condition of tourist facilities; worn-out infrastructure in most regions, etc. The following measures are needed to be implemented to improve the effectiveness of financial instruments for tourism development: the creation of an attractive investment climate in tourism; development of tourist infrastructure; intensification of public funding for tourism and the efforts of local governments to identify internal reserves for funding; intended use of funds from the land tourist tax; use of the potential of the public-private partnership mechanism at the local level; intensification of cooperation with non-governmental institutions, including foreign ones, which are interested in the implementation of tourism development programs, etc. The introduction of anti-crisis key factors, systematization, and consistency in the implementation of the above-mentioned measures will help to stabilize the development of tourism entities in the shortest possible time and achieve a level of economic efficiency and balance between security, public health, and economic interests. Keywords: pandemic, tourist activity, financial instruments, tourist tax, incentives. JEL Classification L83, G19 Formulas: 0; fig.: 1; tabl.: 0; bibl.: 14.

Lily Purnama

People's Business Credit (KUR) is a government program to increase Small, Micro, and Medium Enterprises (UMKM). Micro Business Loan (KUR) is a credit for financing productive business segment of micro, small, medium, and cooperative feasible but not yet bankable for working capital and / or investment credit through direct and indirect financing pattern (linkage) guaranteed by Lembaga Penjamin Kredit. This study aims to examine how the implementation of KUR distribution and its role in the empowerment of women. This research uses mixed methods method. The sample in this research was 71 respondents who were drawn using Taro Yamane formula with precision 0,1. The location of this research is PT. Bank Mandiri branch of Medan Iskandar Muda (Tbk). The results of this study show that the distribution system of KUR PT. Bank Mandiri branch of Medan Iskandar Muda (Tbk) through nine stages using the 5 C standard (Capital, Collateral, condition, character, capacity) as the implementation guideline. The results of the study of obtaining the KUR program have a good impact on the business development and personal debtor. This is because the survey system conducted on an ongoing basis by PT. Bank Mandiri branch of Medan Iskandar Muda (Tbk) forced the debtor to discipline in financial management.

Foreign Experience in Tax Regulation of Sports Development

The subject of the study is the indirect financing of sports development abroad through tax incentives. This paper aims to analyze and summarize foreign experience of tax approaches to the sports development and to substantiate the possibility of its application in the Russian Federation. The following methods were used: content analysis of scientific papers and the legal framework related; comparing the different sports funding models and the tax instruments used in the analyzed countries to promote sports; logical synthesis to gain insights and form recommendations. Sports currently play an important role in addressing both social and economic challenges, which reinforces governmental regulation. The financing models for sports development applications abroad are examined. Models have been found to differ by the use of direct and indirect methods of sports financing methods, including tax incentives. The experience of tax incentives application for sports promotion in the United States, Germany, the Netherlands, Hungary, and Belarus has been analyzed, similarities and differences of the ways goals are achieved have been identified. Possibilities for applying foreign experience in tax incentives for the sports development in the Russian Federation have been identified. Conclusions have been made on the need to further analysis of foreign experience in order to improve methods of indirect financing of sports development. The economic rationale for the proposed tax regulation in sports development should be ensured to prove feasibility thereof.

Sustainable forest management as a basis for economic security

The paper discusses the prospects for the future of the economy and the possibility of its development within national projects. We focus our attention on the relevance of sustainable territory development and environmental protection. The trend of today is green economy and therefore, green energy and green technologies. Ensuring economic security is considered from the perspective of sustainability. The conclusions made are related to the increase of competitiveness by means of innovative development. Sustainable management of forest ecosystems suggests long-term forest preservation through direct and indirect financing of innovative activities. The directions of stable and sustainable economic development are highlighted, the implementation of the scientific research results and applied developments in the economic turnover being among the most promising ones. A method for constructing an integral index of sustainable forest management by using a group of indicators is proposed. 6 macro-indicators with corresponding micro-indicators reflecting the process of sustainable forest management were taken into account. Individual indicators are interpreted as concurrent ecological and economic, ecological and socio-economic, socio-ecological. It is important to form and evaluate the construction of an aggregated indicator. Attention is focused on the use of innovations that are competitive in the domestic and world markets of forestry products. The methods of innovation management are based on the creation of territorial-industrial forest clusters with the rational use of natural resource potential being taken into account.

Trade and Economic Cooperation of BRICS: Problems and Prospects

The subject of this study is the legal and financial features of the BRICS trade and economic cooperation and the practice of their application in modern conditions. The purpose of this article is to identify problems that impede the effective development of economic relations and put forward proposals for their improvement. The study showed that the BRICS countries have significant reserves for multilateral cooperation and support of trade and economic relations. In this regard, harmonization of trade and economic relations of partner countries is necessary, in order to solve strategic problems and improve the living standards of the population. It is shown that simplifying the access of entrepreneurs to credit, tax incentives for exporters of industrial goods, flexible conditions for direct and indirect financing of projects and programs, expanding the participation of BRICS development banks and institutional investors contributes to the progressive development of national economies and improving trade and economic relations of BRICS. For research purposes, IBOV INDEX (Brazil), CRTX INDEX (Russia), SENSEX INDEX (India), SHCOMP INDEX (China), JALSH INDEX (South Africa) and Bloomberg platform (WEI, DES, GP, XLTP XCIT, MEMB) materials were used. Evaluation of data in key sectors of the BRICS economies showed the existence of interconnectedness and interdependence of the BRICS trading floor indices - sources of direct financing for trade and economic cooperation of partner countries. Correlation analysis and cointegration of time series confirmed a solid foundation for stimulating multilateral cooperation of the BRICS, including on the basis of interstate support for business entities and expanding the participation of institutional investors in ensuring sustainable development of the BRICS. It is concluded that the results of the study can be used in developing measures of interstate support for trade and economic cooperation of BRICS in modern conditions.

Business analytics in managing the links of the financial system in the digital economy

Subject. The introduction of projects for digital economy development necessitates the improvement of the management efficiency of various elements of the financial system. Objectives. The aim of the study is to justify the need to use business analytics tools in managing the financial system in the digital economy, to show that in the model of financial outsourcing it is possible to apply the tools of predicative analysis, which is performed based on digital analytics platforms. Methods. The study rests on the use of one of the methods of predicative analysis, i.e. the method of correlation analysis. Results. Business analytics tools enable to unveil the most significant factors in the development of the income part of local budgets. The correlation matrix obtained through the analytical digital platform demonstrate that the strongest correlation in the income part of local budgets belongs not only to tax revenues, but also to inter-budget transfers. Business analytics tools help provide recommendations for increasing the amount of tax revenues to local budgets. The management cost can be reduced by using financial and tax outsourcing models. The paper shows that the use of modern predicative analysis tools will increase the management efficiency and enhance the effect of indirect financing by reducing the cost of tax administration. Conclusions. To accelerate the transition to the digital economy and to the digital region, it is important to actively use business analytics techniques and the methodology for modeling the innovative intelligent systems for decision-making, including the use of artificial intelligence tools.

Poor Nigerian state finances portend political clashes

Subject Nigerian state finances. Significance Nigeria’s 36 states and local governments are largely in poor fiscal shape, with many states struggling to meet basic recurrent liabilities. Significant debt burdens also continue to limit several states' ability to spend. However, states have limited funding options compared with the federal government: indirect financing via the Central Bank of Nigeria is mostly closed, and opportunities for tapping domestic and foreign debt markets are severely restricted. Impacts Attempts to link bank accounts to tax identification numbers should help states clamp down on tax evasion. Amendments to the VAT rate and provisions for personal income taxes are likely to have varying effects on state revenue. A previous push by subnational leaders for national ‘restructuring’ is off the federal government’s agenda for the time being. Passage of the new Finance Bill is likely to be delayed, as states seek to determine the varying impacts on their revenues.

Wsparcie finansowe i rzeczowe działalności ochotniczych straży pożarnych przez gminę

The financial and material support the volunteer fire brigades activity by the communityFire protection is the community’s own task. The community performs this task in cooperation with volunteer fire brigades. For this purpose, the community provides direct and indirect financing of acting of voluntary fire brigades. The provisions allows for a significant differentiation in the method of financing their activities.

China’s Bank Balance Sheet and Financing of Heterogeneous Enterprises

Given the background of financial disintermediation and interest rate marketization, the assets of China’s commercial banks can be divided into traditional credit assets, whose rates of return are controlled by the supervision department, and financial assets, whose rates of return fluctuate according to market conditions. Direct financing enterprises are mainly state-owned enterprises with a good reputation, endorsed by the government, and they finance using the financial assets of commercial banks. Indirect financing enterprises are mainly private enterprises, which finance using credit assets. By introducing a financial intermediary sector with a balance sheet into dynamic stochastic general equilibrium (DSGE) model, our model endogenously determines the leverage ratio and the ratio of the two assets of the bank. Model results show that the impact from the volatility of financial markets and other exogenous shocks can affect the banks’ asset proportions of the two asset types, asymmetrically affecting the production scale of enterprises with two types of financing. Further, the bank’s leverage ratio changes will have a magnifying effect on economic fluctuations.

Parcelamento de tributos federais como forma de financiamento indireto

Em uma época de retração do crédito e de saldos elevados de parcelamento de tributos, o objetivo neste estudo foi investigar como o parcelamento de tributos federais pode se traduzir como fonte de financiamento indireto das empresas, avaliando-se a vantagem em relação à captação no mercado e o impacto na estrutura de capital. Fez-se uma comparação do custo do parcelamento com o custo de captação de crédito com instituições financeiras, bem como, por meio de estudo de caso, simulou-se o impacto na estrutura de capital. Constatou-se que o custo do parcelamento de tributos é menor do que o de captação. Observou-se vantagem para o parcelamento de tributos em relação à estrutura de capital. Não foi identificada relação entre o custo de financiamento, seja por parcelamento seja por captação, e os saldos de parcelamento e de crédito financeiro.Palavras-chave: Parcelamento tributário. Tributos federais. Financiamento. Custo. Estrutura de capital. Installment plan of federal taxes as a form of indirect financingAbstract In an era of credit crunch and high tax installment balances, the objective of this study was to investigate how the federal tax installment can be useful to indirect financing for companies, evaluating the advantage in relation to banking funding, the impact on the capital structure and the relationship with the economic cycle. A comparison of the cost of installment payment with that of funding with financial institutions was made. By means of a case study it was simulated the impact on the capital structure. It was found that the cost of the tax installment is lower than that of funding. There was an advantage for the tax installment in relation to the capital structure. No relationship was identified between the cost of financing, either by installment or by funding, with installment and financial credit balances.Keywords: Tax installment. Federal taxes. Financing. Cost. Capital structure.