FINANCIAL AND ECONOMIC REGULATION

BASHKO Vasyl ¹

¹State Educational and Research Organization “Academy of Financial Management”

The essence of quasi-fiscal operations, their types and consequences (on example of the national joint stock company “Naftogaz of Ukraine”)

Considering the large amount of quasi-fiscal operations in Ukraine and its destructive impact at public finance, there is an objective need of such transactions ’ accounting. The essence and types of quasi-fiscal operations are analyzed in the article. The comparison of quasi-fiscal operations’ definition in national law and international practice is made, and a number of inconsistencies of national legislation with international standards has been found. An estimation of quasi-fiscal operations conducted by “Naftogaz of Ukraine”for 2010-2013 is made. It is defined that the amount of quasi-fiscal spending of “Naftogaz of Ukraine "for 2010-2013 was 285.7 billion UAH, and the amount of obtained quasi-fiscal revenues was 156.2 billion UAH. The author has revealed the main consequences of the quasi-fiscal operations of “Naftogaz of Ukraine” including: increase of debt, the need for subsidies and increase of the state share of capital.

Keywords:quasi-fiscal operations, budget deficit, government guarantees, National Joint Stock Company “Naftogaz of Ukraine”, natural gas

JEL: F64, H60, H61

BASHKO V. . The essence of quasi-fiscal operations, their types and consequences (on example of the national joint stock company “Naftogaz of Ukraine”) / V. BASHKO // Фінанси України. - 2014. - № 10. - C. 87-96.