UDC 336.027:330.341.1
Demchyshak, N. B., & Kravets, N. R. (2015). Podatkovi stymuly innovatsiynoho rozvytku ekonomiky [Tax incentives of innovative development of economy]. Rehional'na ekonomika - Regional Economy, 78(4). [in Ukrainian].
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High innovative activity is one of the main factors in achieving high growth of economy and its structural modernization. Naturally, innovation is one of the main directions of economic policy, which is currently being developed by the governments of most countries in the world with the aim of ensuring a high level of competitiveness of economies. However, the implementation of innovation is associated with high commercial risk, making it less attractive from an economic point of view than ordinary economic activity. As a consequence, involvement of investors into the economy willing to invest in the development of innovations is only possible through the creation of an enabling environment and reducing their costs, which partially compensates for the high investment risks. In an economy with weak market institutions and undeveloped financial system the fiscal policy is the most efficient and active tool for solving such problems. The lack of sufficiently attractive fiscal incentives for investors is a significant problem for the development of innovation within scientific parks. The article reveals the economic content of innovative activity subject to the provisions of applicable law. It defines the essence of innovation development and approaches to its definition. The dynamics of innovation activity in Ukraine is analyzed. The sources of financing of innovative activity in the national economy are estimated. The tendencies of introduction of innovations at industrial enterprises in Ukraine are examined. The main obstacles to innovation processes are outlined and the strategic priority directions of innovative activity are defined. The role of the state innovation policy in the transition to innovative model of economic development is explained. The most effective tools of support and tax stimulation of innovation activity are analyzed. The ways of increase of tax incentives functioning efficiency in Ukraine taking into account foreign experience are defined. The fact that the mechanisms of tax regulation of innovative development and effective instruments of support in Ukraine require further substantiation is proved. Despite the fact that Ukraine has preserved a large-scale scientific facility, capable of producing world-class results, it is only partially involved in the innovation sphere. The economic effect can be achieved only through systemic and comprehensive policy for stimulating innovative activity.

Keywords:

innovations, innovative activity, innovative development, tax regulation, tax incentives