“General government revenue in the system of fiscal regulation”

The dynamics of socio-economic processes requires the general government revenue to be adapted to changes in financial and economic conditions. The study aims to improve the scientific and methodological approach to general government revenue in the system of fiscal regulation. The impact of general government revenue on economic growth was estimated using a correlation-regression analysis and the multiplier effect concept. The authors found out that, in order to ensure the macroeconomic stability and accelerate the economic growth in conditions of transformational changes, it is reasonable to increase the share of direct taxes in the general government revenue structure, to implement the prudential and coherent fiscal policy with the strategic goals of the countries’ social and economic development. The authors substantiated that the increased share of direct taxes of the consolidated budget of Ukraine in GDP by one percent causes the real GDP to grow by 2.94 percent, whereas the increased share of the indirect taxes by one percent causes the real GDP to decrease by 0.45 percent; for 2014–2018, 28 percent of taxes are on average withdrawn per unit of GDP growth. The study results indicate that effective fiscal regulation is ensured only by the synergy of its fiscal, regulatory, and incentive functions, the reconciliation of fiscal sustainability and tax neutrality principles. In this regard, the implementation of an effective fiscal policy for the general government revenue generation involves a reasonable and timely assessment of the impact of exogenous and endogenous factors on revenue generation, on the one hand, and taxpayers’ competitiveness, on the other hand. No country uses the fiscal instruments, however, despite the above, the debate about their effectiveness continues. New scientific approaches are being developed and hypotheses are being made regarding the implementation of fiscal regulation system for general government revenue generation, in particular taking into account the cyclical economic processes. The actualization of the solution to these problems is caused by the financial and economic crisis, which had a negative impact on the macroeconomic stability of the countries with transformational and advanced economies. Finding the alternative sources of


INTRODUCTION
In the context of economic transformations, the effective fiscal regulation system for general government revenue is a prerequisite for accelerating the economic growth, resuming the innovation and investment processes, and enhancing the business environment. Decisions about the feasibility of fiscal regulation system tools for general government revenue shall be determined based on the level of institutional development of fiscal field. Crisis processes in the fiscal field intensify the task of adapting the components of this system to the national economy institutional transformations. In this regard, the implementation of an effective fiscal policy for the general government revenue generation involves a reasonable and timely assessment of the impact of exogenous and endogenous factors on revenue generation, on the one hand, and taxpayers' competitiveness, on the other hand.
No country uses the fiscal instruments, however, despite the above, the debate about their effectiveness continues. New scientific approaches are being developed and hypotheses are being made regarding the implementation of fiscal regulation system for general government revenue generation, in particular taking into account the cyclical economic processes. The actualization of the solution to these problems is caused by the financial and economic crisis, which had a negative impact on the macroeconomic stability of the countries with transformational and advanced economies. Finding the alternative sources of

THEORETICAL BASIS
Many scholars study the theoretical and methodological aspects of general government revenue in the system of fiscal regulation. At the same time, the issues of optimal structure and impact of government revenue on economic growth remain unsolved. According to research, the design of general government revenue structure and their increasing impact on economic growth depend on many factors and vary from country to country: raising consumption tax while reducing labor and capital taxes can stimulate economic growth (Stoilova, 2017; Coen-Pirani & Sieg, 2019; Hung, 2017); banking taxation has a negative impact on economic growth as the prospects for the development of economic sectors diminish (Restrepo, 2019); real estate tax rates and sales taxes have a negative impact on long-term economic growth (Ojede & Yamarik, 2012).
The scientific studies show that the use of various fiscal regulation instruments to generate the general government revenue contributes to reducing the variability of macroeconomic variables and their proper formation. The moderate changes in fiscal regulation system to generate the general government revenue is a prerequisite for ensuring proper citizens' welfare in response to the signif- Fiscal strategies based on modeling the directions of revenue generation are developed to ensure fiscal sustainability, the efficiency of fiscal regulation system to generate general government revenue. It is determined that effective fiscal policy based on the long-term predicted directions of general government revenue generation and use of public finances contribute to macroeconomic stability (Agénor, 2016). An important task is to justi-fy the optimal level of tax burden, including tax rates, which ensures fiscal sustainability against the background of capital tax to ensure the sustainability of public finances and to increase interregional factor mobility. It is justified that when there are no differences, increased capital flows between countries contribute to economic growth, thereby increasing the level of fiscal sustainability in all countries; when there are significant differences between countries, tax competition caused by the movement of capital may reduce the fiscal sustainability in a country with significant capital and large proportion of outstanding debt (Miyazawa, Ogawa, & Tamai, 2019).
At the same time, it is determined that the impact of taxes on economic growth can vary significantly between different regions of the country (Zhang & Li, 2011;Fang, Tian, Fu, & Sun, 2013). However, when assessing the impact of taxes on economic growth, a detailed analysis of geographically-oriented tax benefits (Bondonio & Greenbaum, 2007) and the impact of using tax avoidance instruments (Freire-Serén, Panadés, & Martí, 2013) is important.
It is important to note that additional government spending does not replace private consumption and investment in terms of implementing fiscal policy and fiscal regulation system to generate general government revenue because, with increasing income tax, the level of household income and consumption, respectively, decrease. The high level of tax burden hinders the investment. At the same time, the considerable level of tax burden partly compensates for the expansionary effect of the increasing public spending level. Accordingly, fiscal regulation instruments aimed at increasing public spending and reducing taxes can be used to stimulate aggregate demand and reduce the nega- At the same time, the scientists' views about the positive impact of increased general government revenue level or public spending on growth are debatable. In particular, they state that public spending has a negative impact on economic growth, while non-oil revenues have a positive impact (Olayungbo & Olayemi, 2018;Faraji Dizaji, 2014;Roşoiu, 2015). The positive impact of increasing government spending on economic growth is determined only in countries with significant levels of government financial institutions and government financial regulation. At the same time, the authors substantiate the priority of fiscal policy tasks to improve the structure of tax revenues in the context of transformations (Pasichnyi, 2017); substantiate the importance of optimal configuration of decentralization measures for the general government revenue, taking into account the institutional potential of public authorities (Pasichnyi, Kaneva, Ruban, & Nepytaliuk, 2019).
The issue of the progressive tax system effectiveness remains debatable. In particular, the authors determine that the slope of the income tax schedule to high-paid earnings leads to a slight increase in income ( So, a significant challenge in the context of transformations is to develop a risk management strategy, including the risk of a shortfall in planned income level, which will improve the country's fiscal sustainability and risk diversification (Lloyd-Ellis & Zhu, 2001). At the same time, the use of risk diversification mechanisms is a prerequisite for making informed decisions on financing the innovative investment projects by public finances (Wang, Gao, & Liu, 2019).
At the same time, in the vast majority of countries, the Laffer Curve is used to substantiate the fiscal policy directions to generate the general government revenue, which shows the relationship between tax rates and the level of received government revenue (Laffer, 2004). At the same time, the scientists' views on the optimal level of taxation in different countries are not the same. In particular, the scientists estimate that the peak of the Laffer Curve in China is about 40%. So, public authorities need to take into account the changes throughout the tax system, not only changes in indirect taxes but also their increasing rates. At the same time, the important task of fiscal regulation in China is to reduce the level of taxation to 35% (Lin & Jia, 2019).
The study of theoretical and methodological aspects of the general government revenue in the system of fiscal regulation revealed the insufficient information on the validity of modern tools for the general government revenue and the possible effects of fiscal policy on macroeconomic stability and economic growth in the emerging countries and the countries with advanced economies. As a result, the authors, based on assessing the impact of general government revenue on economic growth, improved the scientific and methodological approach to generating general government revenue in the system of fiscal regulation.

RESULTS
The general government revenue level plays a leading role in the economic structure of modern society. Economic transformations lead to optimized revenue formation level and the general government revenue structure, improvement of the fiscal regulation system to ensure its compliance with the peculiarities of the social relations development. Various scientific approaches to the general government revenue generation in the fiscal regulation system lead to the unbalanced distribution of national wealth. This has a negative impact on the macroeconomic stability of countries and increases the volatility of economic growth.
The need to improve the fiscal regulation system to generate the general government revenue is also conditioned by the change in fiscal regulation in this field and the increasing influence of exogenous and endogenous factors on the general government revenue generation in the context of increased globalization. Among the risks of the shortfall in planned general government revenue level, particularly in terms of taxes, the most dan-gerous are risks arising from decreased economic growth due to increased crisis processes and negative demographic trends, as the unfavorable situation on the world market is directly proportional to reduced general government revenue.
It is necessary to note that the importance of assessing the risks of failure to reach the planned level of revenue is fully recognized in the EU. According to the regulatory documents (European Financial Stability Mechanism, European Financial Stability Facility), the criteria and indicators for assessing the level of potential imbalances impact on the general government revenues are substantiated. If they point to the likelihood of imbalances, indepth evaluation of macroeconomic indicators was performed, including the government sector, proposals are made to address the identified problems.
Besides, the risks of failure to reach the planned level of revenue were assessed based on fiscal projections: the dynamics of general government revenue is investigated and their impact on the country's fiscal sustainability is assessed; specificity of the general government revenue generation is considered and their share in GDP is forecasted.
The experience of the countries with advanced economies shows that effective fiscal regulation to generate the general government revenue is a significant factor in ensuring the proper level of a country's fiscal security. Each country, based on the development level of the institutional environment of the public finance system, including the budget and tax systems, determines its strategic fiscal policy objectives. In the current environment, the decline in general government revenue growth is observed in the vast majority of countries. In many countries, there is also a decline in their share of GDP. In particular, in the EU countries, the decline in the general government revenue share in GDP in 2018, compared to 2007, is observed in 11 countries, i.e., in Ireland by 10 Based on these data, it is advisable to note the relationship between the general government revenue share in GDP and the peculiarities of the countries' fiscal policies implementation. At this stage, the relationship aims at reducing the level of the tax burden to stimulate the process of business activity revival, on the one hand, and is caused by the economic growth slowdown, on the other hand. At the same time, the fiscal policy tools for the general government revenue generation in the EU countries are formed based on integration of revenue generation principles, alternative evaluation of their sources. Fiscal consolidation in the EU countries involves the implementation of a wide range of measures to liberalize the economic conditions; justification of optimal general government revenues structure; tax incentives for business entities. At the same time, fiscal consolidation in the EU countries is related to the peculiarities of socio-economic development and the economic growth rate of these countries.
Currently, the main objectives of the fiscal policy to generate the general government revenue in the EU countries are improving the instruments of the general government revenue generation; raising the efficiency of mechanisms for raising tax revenues; improvement of the general government revenue generation model, which optimizes their structure; reduction of the share of capital tax, increase of of risk management tools efficiency; coordination of general government revenue generation; improvement of the information exchange system between public authorities and economic entities in forecasting the revenue; systematic monitoring of the uniformity and proportionality of the tax burden in the regional context.
There is an increase in the share of tax revenues in the total income structure. The main source of income in the countries with advanced economies is direct taxes. In the countries with transformational economies, the main source of income is indirect taxes, including VAT. In particular, the share of tax revenues in the consolidated budget of Ukraine revenues for 2007-2018 increased from 73.34% to 83.29%. However, for the same period, the average share of consolidated budget of Ukraine revenues to GDP is 30.59%, including 24.82% of tax revenues ( Table 2).
The share of VAT in consolidated budget of Ukraine revenues is about 40%. At the same time, the tax regime in Ukraine remains fragmented. The simplified taxation system and several sectoral exemptions put taxpayers on an unequal basis; therefore, the principle of neutrality of taxation is not ensured. However, it is not legally defined: tax costs (only certain elements are available); methodology for assessing tax costs, the effectiveness and efficiency of tax benefits and their impact on achieving the relevant fiscal policy goals. Also, the definition of tax benefits does not include benefits recognized under international standards, such as preferential taxation and deferral of tax liabilities. Tax incentives are not separated from benefits that can be attributed to tax costs, which is an element of the standard system.
To solve these problems, it is necessary to: develop and legislatively consolidate the methodology for quantitative and qualitative assessment of tax expenditures, assessment of tax costs monitoring; determine the tax costs for the "standard tax system" formation, taking into account the leading foreign experience; to apple the tax costs estimation methods in the context of taxes types and benefits types under the international practice; develop an approach to reforming the direct taxes to avoid unfair distribution of tax benefits for high-income groups; to model the alternative ways of developing a simplified tax system; unify the taxation procedure to facilitate more accurate assessment of fiscal instruments aimed at reviving business activity and ensure equal conditions for all taxpayers. show that their value is quite high. However, due to the influence of the parallel effect of the multiplier costs, there is a multiplier effect of a balanced budget, which is equal to one (Table 3).
Thus, the multiplier effect of the autonomous costs observed in the tax levying from 80 to 90% is offset by the high level of the tax burden. If in 2014, the coefficient of the autonomous costs multiplier including taxes depending on income was 3.71 and the tax multiplier was (-3.05), then, accordingly, the real multiplier effect was 0.66. In 2018, similar figures were, respectively, 2.15 (-1.50) and 0.65. On average, the analyzed indicators for the period from 2014 to 2018 were 2.15 (-1.50) and 0.65. Thus, the unit of incremental autonomous costs leads to a smaller increase in revenues, which contradicts the theoretical views of the multiplier effect; fiscal policy focuses on increasing the tax burden, without taking into account the real state  Therefore, the insufficient level of fiscal instruments development, the sub-optimal structure of general government revenue, including tax revenue, does not allow the influence of the fiscal policy for the general government revenue generation on the level of economic growth. The choice of fiscal strategy for general government revenue generation should be based on assessing the tendencies of the national economies' development, which will contribute to sustainable development and enhance the innovation activity; fiscal policy should be consistent with the priorities of the countries' socio-economic development, and fiscal instruments should be directed to their solution; fiscal projections of general government revenues should be used to anticipate the financial implications of public finance reforms or public administration decisions on fiscal policy implementation; the development of fiscal policy for the of the general government revenue generation should be based on the risks of failure to reach the planned level of general government revenue.

DISCUSSION
To some extent, a unified range of revenue generation fiscal instruments is used in most countries, despite the different directions of general government revenue generation. Fiscal policy measures are designed to achieve primary balance targets that appear on fiscal policies. However, international experience shows that there are different conceptual approaches to the positive or negative impact of a certain level of the tax burden on macroeconomic stability and economic growth rates, the optimal general government revenues structure and fiscal models, which complicates the assessment of their practical significance.
However, the model of effective general government revenue generation in the fiscal regulation system of the economy has a very fragile nature, due to the risks of failure to reach the planned level of income, in particular in terms of taxes based on the level of the countries' socio-economic development and economic growth. These risks, the main of which are due to the slowdown in economic growth due to the intensification of the crisis processes and negative demographic trends, present the threat of sharp violation of fiscal sustainability and the public finance system sustainability as a whole. To avoid such a development, these problematic issues must be constantly in focus of public administration and scientists. Developing fiscal projections of general government revenue as a basis for continuous analysis and assessment of the country's financial and budgetary security will help achieve the goal of fiscal regulation. At the same time, fiscal projection of general government revenue should be used to anticipate the financial implications of public finance reforms or public administration decisions to implement the fiscal policy.

CONCLUSION
The research enables to conclude that the system of fiscal regulation for general government revenue generation is a dynamic, adaptive system of goals, principles, directions, tasks of public authorities to internal and external changes in the economic environment. It is aimed at ensuring the optimal structure of general government revenue to accelerate the economic growth. The study of fiscal regulation peculiarities in the EU countries and Ukraine indicates its orientation towards changing the general government revenue structure. It is substantiated that the impact of the costs multiplicative effect in the context of the transformations in Ukraine is constrained by the effect of the tax multiplier, due to its excessively high indicator (-3.05) in 2014 and (-1.28) in 2018. At the same time, this indicates that fiscal policy is inconsistent with the strategic goals of Ukraine's socio-economic development. Due to the significant marginal tax rate, the planned cost curve in the national economy is well below its potential level. In the income and expenditure cycle, more than 30% of the income growth is deducted as taxes. This is mainly due to the significant level of the tax burden on pricing taxes, including VAT. Despite the prevalence of indirect taxes in budgeting, discretionary fiscal policy is being implemented in Ukraine.