Tax policy is the most important part of the state's economic policy. It directly affects the efficiency of resource use, stimulating economic growth and the distribution of wealth in society. In recent decades, global tax regulation has seen an increasing number of innovative solutions and tax reforms that have become a response to new challenges of the modern economy. Such reforms include improvements in individual countries' tax systems, as well as initiatives developed by international organizations such as the Organization for Economic Co-operation and Development (OECD) and the World Bank, as well as through structures such as the Austrian Tax Organization (ATO).

1. Trends in tax reforms

The global practice of tax reforms has become more diverse and oriented towards the needs of a globalized world. In recent decades, the following key trends in tax policy have been observed:

• Digitalization of tax processes. Countries are actively implementing information technology to improve tax transparency, simplify business reporting, and prevent tax abuse. Innovative tax systems make taxation more accessible and simpler.
• Taxes on the digital economy. With the rise of digital platforms and e-commerce, it has become clear that traditional tax systems are not keeping pace with the development of new business models. Many countries have begun introducing new taxes specifically targeting digital platforms and online services.
• Carbon taxes and sustainable development. Due to the growing environmental problem, many states are introducing environmental taxes and incentives to encourage companies to switch to environmentally friendly technologies.
• Reducing the tax burden for small and medium-sized businesses. To stimulate entrepreneurial activity in countries, there is a trend to reduce the tax burden for small and medium-sized businesses. This allows us to create new jobs and support the development of local producers.
• Wealth taxes and property taxes. In response to growing inequality, some countries are actively discussing new mechanisms for taxing wealth and property, with the aim of redistributing wealth to more vulnerable sections of the population.

2. Examples of successful tax reforms

Germany

One of the most famous tax reforms in recent years in Germany was the company tax reform introduced in 2008. Germany continued its policy of reducing income tax from 39% to 29%, which made the country more attractive to foreign investors. This reform led to an improvement in the investment climate and a significant increase in the influx of foreign direct investment.

In addition, Germany has begun to actively implement technologies to simplify tax administration. Electronic filing of tax returns and automation of data collection have reduced bureaucratic burdens and improved tax compliance.

Estonia

Estonia is one of the countries where tax reform has become an important element of economic growth. One of the most successful examples is the introduction of electronic taxation. The country has become a pioneer in digitalization by creating a system where taxpayers can file returns and pay taxes online. This system has significantly simplified the taxation process and increased the level of tax discipline.

In addition, Estonia has introduced a unique tax system for companies: profits not distributed as dividends are not taxed. This step was made to stimulate long-term investment and increase the country's investment attractiveness.

Singapore

Singapore is another country that has demonstrated an innovative approach to taxation. In particular, a system of tax incentives for start-ups and small businesses was introduced, which stimulated the development of the innovation sector. Singapore also actively uses international cooperation to improve its tax climate, for example through the OECD's Anti-Tax Avoidance Initiative.

Singapore's tax system also includes consumption taxes (GST), which have been modernized to improve their efficiency. In addition, Singapore is actively working to attract international companies by offering favorable tax conditions for research and innovation projects.

Australia

Australia has introduced several significant tax reforms in recent years, including a tax amnesty for self-employed individuals and tax incentives for research and development companies. In addition, Australia continues to work to improve the tax system for digital platforms. In 2017, a tax program was introduced on digital goods and services provided by international Internet giants.

3. Innovative solutions from the ATO (Australian Taxation Organization)

The Australian Taxation Organization (ATO) has introduced several innovative solutions to improve the country's tax system. Among them it is worth highlighting:

• Digital tax control system. The introduction of digital systems for monitoring tax payments has significantly increased tax transparency and reduced the level of tax evasion.
• "Single Touch Payroll" program. This program allows employers to report payroll and tax data in real time, simplifying reporting and improving tax compliance.
• Using artificial intelligence to analyze tax data. The ATO uses innovative big data analysis technologies to identify risks and improve the efficiency of tax control.

Conclusions

Tax policy in different countries of the world is undergoing significant changes. Modern tax reforms are becoming more focused on technological innovation, as well as the fight against tax evasion and corruption. The introduction of electronic tax systems, taxes on the digital economy and environmental taxes is becoming an integral part of successful tax reforms. Countries such as Germany, Estonia and Singapore have demonstrated examples of successful tax reforms that have helped improve the economic situation and attract investors. Reforms proposed by organizations such as the ATO are an important step towards modernizing tax systems and making them more transparent and efficient.

Innovation in tax policy is becoming an important tool in global practice, contributing to more equitable and sustainable economic development.