Published: Jan 30, 2022

  Oleksandr Manzhura

  Galyna Pochenchuk

  Nataliia Kraus


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.

How to Cite

Manzhura, O., Pochenchuk, G., & Kraus, N. (2022). INNOVATIVE CHANGES IN FINANCIAL AND TAX SYSTEMS IN THE CONDITIONS OF DIGITAL TRANSFORMATION. Baltic Journal of Economic Studies, 8(1), 94-102.
Article views: 906 | PDF Downloads: 556



innovative changes, digital financial technologies, financial system, digital transformation, digitalization of tax system


Aghion, P., George-Marios, A., Abhijit, B. Eds. (2010). Volatility and Growth: Credit Constraints and the Composition of Growth. Journal of Mone-tary Economics, no. 57, pp. 246–265.

Aghion, P., Ranciere, R. & Rogoff, K. (2009). Exchange rate volatility and productivity growth: the role of financial development. Journal of Monetary Eco-nomics, no. 56, pp. 494–513.

Andrusiak, N. O., Kraus, N. M. & Kraus, K. M. (2020). Digital Cubic Space as a New Economic Augmented Reality. Sci. innov., vol. 16, no. 3, pp. 92–105. DOI:е16.03.092

Bodrov, V. G. (2018). Podatkove regulyuvannya v umovakh formuvannya tsyfrovoi ekonomiky v Ukraini [Tax regulation in the context of digital economy in Ukraine]. Ekonomichnyi visnyk. Seriya: finansy, oblik, opodatkuvannya [Eco-nomic Bulletin. Series: finance, accounting, taxation], no. 2, pp. 30–37. DOI: (in Ukrainian)

Chernykova, L. (2009). Sushchnost i sormy proyavleniya finansizatsii [Es-sence and forms of manifestation of financialization]. Vestnik Instituta ekonomiki RAN [Bulletin of the Institute of Economics RAS], no. 1, pp. 259–260. (in Rus-sian)

Enhancing Financial Sector Surveillance in Low-Income Countries – Finan-cial Deepening and Macro-Stability (2012): Board Paper. Washington: Interna-tional Monetary Fund.

Fintech in Ukraine: trends, market overview and catalog (2018). Available at: (ac-cessed 23 November 2021). (in Ukrainian)

Glushchenko, Ya. I., Korogodova, O. O., Moiseyenko, T. Ye. & Chernen-ko, N. O. (2021). Kontseptualni zasady podatkovogo planuvannya pidpryyem-stv u konteksti Chetvertoi promyslovoi revolyutsii [Conceptual principles of tax planning of enterprises in the context of the Fourth Industrial Revolution]. BIZNES INFORM [BUSINESS INFORM], no. 4, pp. 210–216. DOI: (in Ukrainian)

InsurTech companies changing the insurance market (2021). Available at: (accessed 20 October 2021). (in Ukrainian)

Isaacson, V. (2017). Innovatory: yak hrupa khakeriv, heniiv ta hikiv zdiisnyla tsyfrovu revoliutsiiu [Innovators: as a group of hackers, geniuses and geeks made a digital revolution]. Kyiv: Our format. (in Ukrainian)

Kaverina, K. O., & Sholom, A. S. (2021). Osoblyvosti globalnykh vyklykiv iformatsii z podatkovykh gavanei [Features of global information leaks from tax havens]. BIZNES INFORM [BUSINESS INFORM], no. 3, pp. 23–28. DOI: (in Ukrainian)

Kraus, K., & Kraus, N. (2013). Dictionary of Economic terms. Poltava: Skytek.

Kraus, K. M., & Kraus, N. M. (2019). Retrospektyva i suchasnist opodat-kuvannya v Ukraini ta za kordonom [Retrospective and modern taxation in Ukraine and abroad]: monograph. Kyiv: Agrar Media Group. (in Ukrainian)

Kraus, N. M. (2012). Podatkove planuvannya na mikrorivni v natsionalnii ekonomitsi: innovatsiinyi aspekt [Micro-level tax planning in national economy: an innovative aspect]. BIZNES INFORM [BUSINESS INFORM], no. 5 (412), pp. 205. (in Ukrainian)

Kraus, N. M. (2018). Instytutsionalnyi zriz dykhotomii staryjh i novykh instytutiv rozvytku sfery finansiv v umovakh innovatyzatsii [Institutional section of the dichotomy of old and new institutions of financial development in the con-text of innovation]. Finansy Ukrainy [Finance of Ukraine], no. 4 (269), pp. 115–126. (in Ukrainian)

Kraus, N. M. (2019). Innovatsiina ekonomika v hlobalnomu sviti: instytuthi-inyi bazys formuvannia i traiektoriia rozvytku [Innovative economy in a globalized world: institutional basis of formation and development trajectory]: monograph. Kyiv: Agrar Media Group. (in Ukrainian)

Kraus, N. M., & Kraus, K. M. (2015). Ukrainsko-rosiisko-angliiskyi termi-nologichnyi slovnyk z ekonomichnji teorii [Ukrainian-Russian-English terminolog-ical dictionary of economic theory]: dictionary for students. Kyiv: Center for Ed-ucational Studies. (in Ukrainian)

Kraus, N. M., & Kraus, K. M. (2018). Suchasni informatsiini ta innovatsi-ini tekhnolohii u sferi finansiv, upravlinnia ta administruvannia [Modern digital information and innovation technologies in the field of finance, management and administration]. Ekonomichna stratehiia ta polityka realizatsii yevropeiskoho vektora rozvytky Ukrainy: kontseptuvalni zasady, vyklyky ta protyrichchia [Econom-ic strategy and policy of realization of European vector of development of Ukraine: conceptual bases, challenges and contradictions]: monograph. Kyiv: Taras Shevchenko National University of Kyiv; VAT “Center for Economic Re-search”; SIC GROUP UKRAINE LLC, pp. 469–487. (in Ukrainian)

Kryvoruchko, O. S., Kraus, N. M., & Kraus, K. M. (2018). Virtualna real-nist natsionalnogo informatsiino-innovatsiino prostoru [Virtual reality of nation-al information and innovation space]. Ekonomika ta suspilstvo [Economy and so-ciety], no. 14, pp. 22–35. Retrieved from (ac-cessed 14 January 2022). (in Ukrainian)

Kurilov, Ye. (2021). Zminy v opodatkuvanni v umovakh tsyfrovoi ekonomiky: mizhnarodna spilnota ukladaye bezpretsedentnu ugodu [Changes in taxation in digital economy: international community enters into an unprecedent-ed agreement]. VISNYK. Ofitsiino pro podatky [BULLETIN. Officially about tax-es]. Available at: (accessed 25 January 2022). (in Ukrainian)

Loboda, N. O., Chabanyuk, O. M., & Mosolova, Yu. O. (2021). Sproshchena systema opodatkuvannya yak mikroekonomichnyi fiskalnyi reg-ulyator [Simplified taxation system as a microeconomic fiscal regulator]. BIZNES INFORM [BUSINESS INFORM], no. 4, pp. 228–234. DOI: (in Ukrainian)

Markevych, K. (2021). Smart-infrastrukturu stalomu rozvytku mist: svi-tovyi dosvid ta perspektyvy Ukrainy [Smart infrastructure for sustainable urban development: world experience and prospects of Ukraine]. Kyiv: Razumkov Cen-ter, Publishing House “Zapovit”. Available at: (accessed 07 January 2022). (in Ukrainian)

Official portal: State Fiscal Service of Ukraine. Available at: (accessed 25 January 2022). (in Ukrainian)

Pochenchuk, G. M. (2013). Finansovi innovatsii: rozshyrennya mozlyvostei chy obmezhennya rozvytku [Financial innovations: expansion of opportunities for facilitation of development]. Proceedings of the 22th International Scientific-practical Conference of the II International Schumpeter Economic Forum “Dialec-tics of mutual modality of market and institutional mechanisms of current economic dynamics”, September 26–27, 2013 (Chernivtsi). Chernivtsi: Chernivtsi National University, pp. 48–49. (in Ukrainian)

Pochenchuk, G. M. (2015a). Rol finansovoi systemy u formuvanni instytut-siinogo rozvytku natsionalnoi ekonomiky [The role of financial system in shap-ing the institutional environment for the development of national economy]. Sot-sialno-ekonomichni aspekty rozvytku natsionalnoi ekonomiky v umovakh perma-nentnykh kryzovykh yavyshch [Socio-economic aspects of national economy in conditions of permanent crisis]: monograph. Uman: Vizavi, pp. 207–212. (in Ukrainian)

Pochenchuk, G. M. (2015b). Rozvytok bankivskoi systemy Ukrainy: obme-zhennya ta mozhlyvosti [Development of the banking system of Ukraine: limita-tions and opportunities]. Naukovyi visnyk Khersonskogo natsionalnogo universyte-tu. Seriya “Ekonomika” [Scientific Bulletin of Kherson State University. Series: Economics], vol. 15, part 3, pp. 9–12. (in Ukrainian)

Pochenchuk, G. M. (2016). Reformuvannya systemu derxhavnogo up-ravlinnya: finansova sfera [Public administration reform: financial sphere]. Pro-ceedings of the International Scientific-practical Conference of the Economics, sci-ence, education: integration and synergy, January 18–21, 2016 (Bratislava). Ky-iv: Center for Educational Literature, vol. 2, p. 33. (in Ukrainian)

Pochenchuk, G. M. (2018). Fintech v strukturi finansovoi systemy [Fintech in the structure of financial system]. Globalni ta natsionalni problemy ekonomiky [Global and national problems of the economy], vol. 21, pp. 49–55. Available at: (accessed 10 January 2022). (in Ukrainian)

Sadovenko, M. M., & Ariyenchuk, A. M. (2019). Problemy ta shlyakhy vdoskonalennya systemu pryamogo opodatkuvannya v Ukraini [Problems and ways to improve the system of direct taxation in Ukraine]. BIZNES INFORM [BUSINESS INFORM], no. 12, pp. 325–331. DOI: (in Ukrainian)

Shvab, K. (2017). Chetvertaya promyshlennaya revolyutsiya [Fourth indus-trial revolution]. Moskov: E. (in Russian)

Varnalii, Z. S. (2017). Finansovi instytuty v systemi zabezpechennya fi-nansovoi bezpeky Ukrainy [Financial institutions in the system of financial secu-rity of Ukraine]. Visnyk Cherkaskogo universytetu [Bulletin of Cherkasy Universi-ty], no. 1, pp. 15–21. (in Ukrainian)