TAX REGULATION OF NON-BANKING FINANCIAL INSTITUTIONS IN THE CONTEXT OF ENSURING THEIR TRANSPARENCY

Abstract

The transformation of Ukraine’s financial sector under martial law, coupled with deepening European integration and the digitalization of economic relations, necessitates a fundamental reassessment of current approaches to the legal regulation of non-banking financial institutions. The modern paradigm of the financial services market development is increasingly focused not only on ensuring the financial stability and solvency of its participants, but also on establishing an appropriate level of their publicity as a comprehensive characteristic of openness, accountability, fair market conduct, and information transparency. Under these circumstances, tax regulation assumes a new functional role, transforming from a purely fiscal instrument into a vital element for safeguarding the public interests of the state, society, and financial services market participants. The cognitive nature of the modern financial regulation model lies in the transition from traditional administrative enforcement to risk-oriented management based on the analytical assessment of behavioral, tax, and information risks. In this context, tax compliance ceases to be merely a mechanism for ensuring the fulfillment of tax obligations, acquiring the features of an integrated system for ensuring publicity in the activities of non-banking financial institutions. It is precisely the synergy of tax control, financial monitoring, corporate governance, digital technologies, and regulatory oversight that shapes the modern model of legal framework for the non-banking financial sector functioning.

The prospects of this study are determined by the fact that in the coming years, the development of Ukraine’s non-banking financial sector will be driven by three interconnected factors: post-war economic recovery, integration into the single financial space of the European Union, and the large-scale digital transformation of financial services. Under these conditions, expectations include stricter transparency requirements for non-banking financial institutions, the advancement of tax compliance mechanisms, the expansion of digital tax administration tools, the implementation of European standards for the exchange of tax information, and the integration of tax control with financial monitoring and behavioral oversight mechanisms.