REALIZATION OF THE REGULATORY FUNCTION OF TAX TO ACCELERATE ECONOMIC MODERNIZATION IN RUSSIA AND NEW ZEALAND

A tax performs several functions: fiscal, regulatory and controlling, and the ratio of these elements depends on the goals pursued by the legislator. For most states, the priority is to create a favourable environment for entrepreneurial activities. Therefore, in recent years, the role of the regulatory function of tax, which allows for an indirect impact on relations not directly regulated by tax legislation, has been strengthened. For stable economic growth, it seems appropriate to use the stimulating sub-function of the regulatory function of tax, as well as to expand the «toolkit» of tax benefits provided for in the Russian legislation by adding tax credits to deductions, reduced rates, tax exemptions, and tax base reductions. In this case, it is useful to refer to the experience of implementing the regulatory function of taxation in New Zealand.