Small Business Development Promoting Mechanisms in Highly Developed Foreign Countries and Their Effect

In the conditions of the modern market economy, small business has a very big role in improving the difficult socio-economic situation of any country. It contributes to the economic stability of the country by reducing the unemployment rate in the country and stimulating economic growth. Therefore, the development of small businesses in any country should be a priority, and modern and effective mechanisms for promoting their development should be introduced. Statistical information published by different countries of the world revealed that more than half of enterprises with small business status carry out economic-entrepreneurial processes for a short period of time, and then stop functioning. Over time, worldwide, the financial stability of small businesses and the promotion of their development is increasingly a major concern. The article discusses and analyzes the foreign experience of the introduction and implementation of mechanisms and measures supporting the development of small businesses. Based on statistical information published by international organizations, special attention is paid to the tax reforms/changes implemented and their effect in order to promote the development of small businesses in highly developed foreign countries. Based on all this, appropriate conclusions and recommendations have been prepared.