Certain aspects of the subjects formation of fiscal policy of Ukraine
Journal Title: Юридичний науковий електронний журнал - Year 2016, Vol 2, Issue
Abstract
Formation of fiscal policy is to identify ways, terms and volume and formation of public revenues, and also amounts, terms and structure of public expenditure. Subjects of fiscal policy formation are coherent (inseparable) system of relevant authorities and officials united by a number of alternate pair of rights and responsibilities in the policy of public revenues and public policies of expenditure. The most active subject of fiscal policy formation is Verkhovna Rada of Ukraine that carries the main burden in the indicated process. Its exclusive power and authority concerning legislative authority of fiscal policy are defined in the Constitution of Ukraine. It is responsible fiscal policy to meet the needs of the state in view of the available resources. Verkhovna Rada of Ukraine is on the top step of fiscal policy formation in Ukraine and this activity is based on the draft Law of Ukraine «On State Budget in ... year» and budget policy guidelines offered by the Cabinet of Ministers of Ukraine that is the next step of the process of fiscal policy formation in Ukraine. Next subject that is directly involved in fiscal policy formation is the Ministry of Finance of Ukraine, one of the main tasks of which is determined by «ensuring the formation and implementation of public financial and budgetary policy». It receives budget requests from the main spreader of public funds for the next budget period, which contains offers on appropriate grounds on budgetary funds needed for their activities. Based on the received information the Minister of Finance of Ukraine decides to put budget requests in the draft of State Budget of Ukraine. In the fiscal policy formation the body of legislative and the executive power and the President of Ukraine are directly involved. Organic combining of efforts of determined subjects in the formation of effective fiscal policy ensures the successful development of a sovereign state Ukraine.
Authors and Affiliations
О. В. Ракул
Keywords
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