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Does Household Tax Burden Have an Impact on Individuals’ Savings in Banks? The Case of Ukraine

Gennadiy Sudak
Gennadiy Sudak
 et 
Savchenko Yuliia
Savchenko Yuliia
   | 28 déc. 2021
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Publié en ligne: 28 déc. 2021
Pages: 378 - 389
DOI: https://doi.org/10.2478/ceej-2021-0025
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© 2021 Gennadiy Sudak et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Figure 1

Effective tax burden on households in Ukraine in years 2008–2019Source: Created by the authors with data from the State Treasury Service of Ukraine
Effective tax burden on households in Ukraine in years 2008–2019Source: Created by the authors with data from the State Treasury Service of Ukraine

Figure 2

Effective tax burden and household investments in the form of bank deposits in Ukraine in 2008–2019Source: Created by the authors with data from the State Treasury Service of Ukraine, National Bank of Ukraine
Effective tax burden and household investments in the form of bank deposits in Ukraine in 2008–2019Source: Created by the authors with data from the State Treasury Service of Ukraine, National Bank of Ukraine

The structure of household spending in Ukraine in 2008–2019

Years 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Categories (%)
Food and soft drinks (%) 48,90 50,00 51,60 51,30 50,10 50,10 51,90 53,10 49,80 47,90 47,70 46,60
Alcoholic beverages, tobacco products (%) 2,20 3,20 3,40 3,40 3,50 3,50 3,40 3,30 2,90 3,10 3,40 3,20
Clothes and shoes (%) 5,90 5,60 6,00 5,70 6,10 5,90 6,00 5,70 5,60 5,50 5,40 5,50
Housing, water, electricity, gas and other fuels (%) 9,10 9,40 9,20 9,60 9,90 9,50 9,40 11,70 16,00 17,00 15,20 14,60
Household items and appliances, current housing maintenance (%) 2,80 2,30 2,30 2,20 2,30 2,30 2,30 2,00 1,70 2,00 2,10 1,80
Health care (%) 2,70 3,10 3,20 3,20 3,40 3,40 3,60 3,70 4,20 3,80 4,00 4,10
Transport (%) 4,00 3,80 3,70 4,00 4,30 4,30 4,30 3,70 3,60 3,70 3,70 4,80
Communication (%) 2,30 2,50 2,70 2,60 2,80 2,80 2,80 2,40 2,30 2,40 2,60 2,80
Recreation and culture (%) 2,50 1,80 1,80 1,90 2,00 2,10 1,80 1,50 1,40 1,60 1,80 1,60
Education (%) 1,30 1,30 1,30 1,30 1,30 1,20 1,10 1,10 1,00 1,10 1,00 1,10
Hotels and restaurants (%) 2,40 2,50 2,40 2,50 2,50 2,50 2,00 2,00 2,20 2,30 2,40 2,60
Other goods and services (%) 2,10 2,30 2,30 2,40 2,60 2,60 2,70 2,70 2,50 2,50 2,70 2,60
Non-consumer aggregate costs (%) 13,80 12,20 10,10 9,90 9,20 9,80 8,40 7,10 6,80 7,10 8,00 8,70

Results of first hypothesis test

Coefficient (standard error) t value
(Intercept) 0.008*** (0.002) 26.614
Deposits 0.023*** (0.0111) 4.373
Change in taxation −0.311# (0.477) −1.891
DID 0.044# (0.332) 1.741
Multiple R2 0.754
Adjusted R2 0.6617
F-statistic 8.172***

Description of the results for hypothesis 2

Dependent variable
Household savings in the bank deposits
Pooling Random effects Fixed effects
Nominal personal income tax burden −0.118** (0.045) −0.111* (0.022) −0.211** (0.048)
Share of shadow economy 0.101** (0.048) 0.002 (0.022) −0.008** (0.003)
Inflation rate 0.231 (0.188) 0.222 (0.167) −0.308 (0.243)
Changes in income taxation rules (dummy) −0.202 (0.118) −0.011 (0.018) −0.101 (0.061)
Observations 2112 2112 2112
R2 0.388 0.298 0.589
Adjusted R2 0.364 0.288 0.549
F-statistic 19.3*** 1.3 21.6***
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