IMPROVEMENT OF TAX POLICY FOR THE PURPOSES OF SUSTAINABLE ECONOMIC DEVELOPMENT

The mechanism of formation of federal budget revenues ensures the performance by the state of functions on social policy, including strategic security, defense capability, as well as the development of the economy on the principles of innovation and competitiveness. At the same time, the significant managerial potential of budget revenues lies in the possibility to exclude disproportions in the distribution of financial resources of the budget when planning fiscal policy. In recent periods, financial results have revealed an ambiguous approach to the formation of federal budget revenues. Along with positive aspects, such as a significant increase in revenues from VAT, both domestic and import VAT, increase in personal income tax, caused by an increase in the level of labor remuneration, a significant dependence of the budget on the impact of the global economic environment and external conditions was clearly manifested. One of the key features in the formation of the revenue part of the federal budget is a significant reduction in revenues from taxes on natural resources, and especially in the oil and gas sector. The cumulative decline in these revenues amounts to 16,5% and 24%, respectively, and is largely a confirmation of the vulnerability of the tax system to external price shocks and geopolitical risks.At the same time, the domestic economy is characterized by an insufficient level of stimulation of the real sector of the economy against the background of favorable conditions for hydrocarbon exporters, since the oil and gas sector still provides up to 60% of total budget revenues. The study concluded that one of the ways to solve the key problems of formation of budget revenues of the Russian Federation is a comprehensive approach aimed at diversifying the economy and reducing dependence on commodity exports, i. e. the development of non-resource sectors, with a focus on small businesses. The need to transfer the economy to a non-resource-based approach to development requires the formation of a state program to stimulate innovation activity of organizations, including the development of venture capital financing. The implementation of a set of measures will make it possible to increase budget sustainability, reduce its dependence on external factors and ensure sustainable socio-economic development of the country.