МІЖНАРОДНІ ІНВЕСТИЦІЙНІ ОПЕРАЦІЇ ЯК ДЖЕРЕЛО ФІСКАЛЬНИХ РИЗИКІВ ДЛЯ УКРАЇНИ

Анотація

One of the characteristic features of the market economy and the national economy in general is the ability to attract foreign direct investment (FDI). It determines the rapid pace of the country's economic development, the growth of GDP, the development of agricultural and some other industries, as well as increasing the intellectual potential of residents, through the introduction of new technologies and growth number of working places.

Nowadays, foreign investments are essential for Ukraine. Foreign direct investment indicates the long-term interest of foreign investors in the functioning of enterprises. It is a way of development stimulation of enterprises through access to foreign capital. Thus, FDI is a way of solving the problem of low domestic savings.

But, even though positive FDI, there is also one significant downside - the increase in fiscal risks of the country, due to some schemes of speculative operations using offshore zones and tax evasion. Much of the foreign direct investment can be so-called "circular" investments, which are actually of Ukrainian origin. International investment operations are analyzed in the article in order to identify fiscal risks. The main fiscal risk is the outflow of financial capital from the Ukrainian economy through the use of offshore jurisdictions and tax havens. The study is based on statistics on foreign direct investment flows into the Ukrainian economy.

As a result of the analysis, the causes and consequences of withdrawal capital from Ukraine into offshore and the main schemes of withdrawal of capital were identified. Analysis of the statistics of foreign direct investment in the economy of Ukraine shows that the share of foreign direct investment from developed countries is low, but the share of FDI from so-called offshore zones is rather significant. In this way, offshore investment displaces the capital of developed countries from the Ukrainian economy and provides only quantitative indicators of FDI in flows to Ukraine, not qualitative ones. Offshore is a major tool for capital flight and tax evasion. It also plays an important role in investment.

As a result, the ways of qualitative rather than quantitative attraction of foreign investments into the Ukrainian economy are proposed. In such circumstances, it is necessary to change the tactics of attracting foreign direct investment for Ukraine. It is important to take measures to improve the investment climate in the country, because only in case of effective implementation of economic reforms, the fight against corruption, the improvement of the legal framework and law enforcement practice, along with active work on attracting foreign investors, the country will become potentially attractive to a real investor.

Keywords: foreign direct investment, offshore, taxes, shadowing, international capital flows, risk assessment.