Fiscal policy and economic growth

The relevance of the research topic is due to the fact that socio-economic development of the country is impossible without an effective budgetary and tax policy as an integral part of the socio-economic policy of state aimed at ensuring a balanced growth of territories. The issue of balanced development of territories is becoming especially relevant in the current sanctions economic conditions. The purpose of the article is to study the impact of current tax and budget policy on the socio-economic development of the regions. The following methods were used in the study: analysis and synthesis, generalization, grouping, comparison, tabulation, etc. The subject of the study is the socio-economic indicators of the development of regions as a result of tax and budgetary policy. In the course of the study, it was found that the ongoing tax and budgetary policy does not ensure the successful development of territories: the unevenness of their socio-economic situation persists and intensifies. This is manifested in such indicators as the gross regional product, per capita cash income, investment in fixed assets. At the same time, due to the high centralization of the economy, which limits the autonomy of the subjects of the Federation in the formation of the resources necessary for progressive development, the regions are not able to pursue an independent tax and budgetary policy, the effectiveness of its implementation is limited by the powers granted to them in the public sector in conditions of limited revenue sources. Municipalities do not participate at all in the conduct of tax-budgetary policy; there are no taxes in their budgets that stimulate production growth. Under these conditions, a significant place in the regional and local budgets is occupied by interbudgetary transfers, which only cover the budget deficit, but do not stimulate production growth.