Generation of Revenue What are the governments current efforts to improve tax collections? i. MAJOR CLASSES OF Taxes on TAX REVENUES Domestic Goods and Taxes on Taxes Services International on Trade and Property Transactions Taxes on Other Income Revenue Sources and Profits Taxes on property are imposed on the ownership of wealth or immovable property levied at regular intervals and on the transfer of real or personal property. Other taxes primarily include collections from the motor vehicles tax, immigration tax and forest charges. Generation of Revenue Taxes on international trade and transactions include import and customs duties, and other international trade-related collections of the government. Taxes on domestic goods and services are imposed on the use or sale of locally manufactured goods as well as local services availed of within the domestic territory. Generation of Revenue Taxes on income and profits are imposed on all taxable income earned or received by a taxpayer, whether as an individual, as a partnership, or as a corporation, during a particular period of time, usually lasting one year. Generation of RevenueNon-tax revenues refer to all other impositions or collections of the government in exchange for services rendered, assets conveyed, penalties imposed, etc. The major tax collecting agencies of the national government are the Bureau of Internal Revenue and the Bureau of Customs. Generation of Revenue Revenues refer to all cash inflows of the national government treasury which are collected to support government expenditures but do not increase the liability of the NG. A tax is a compulsory contribution mandated by law and exacted by the government for a public purpose. Generation of revenue from taxationand other sources As a PA scholars how we are going to assist the government in reinventing fiscal and monetary policies to cope with the drive towards social and economic transformation? Formulation of fiscal policyįISCAL POLICY Fiscal policy refers to policies on taxation, and other revenue, expenditure, and borrowings which is intended to promote the stabilization and development of the economy. Now a days, “FISCAL AND MONETARY POLICY” is used as a single concept though it has a different aspect of economic policy but have related impact.įISCAL POLICY Fiscal and monetary policy have been crafted in response to requirements of stabilization, and subsequently, and in accordance with the structural adjustment programs (SAPs) negotiated by the International Monetary Fund (IMF). On the other hand, monetary policy is generally understood to be that which influences the level of money supply in the economy.įISCAL POLICY The formulation of fiscal and monetary policy made a huge part of economic and social development but not limited to socio-cultural and political. Things to ponder: i. Public FinanceThe FORMULATION OF FISCAL POLICY lies at the dead center of the democratic government. Public FinanceCycle Formulation of fiscal policyA process Generation of revenue Accountability from taxation and other sources Expenditure of Public funds through borrowings the national budget Public Finance Refers to the income and outgo of the governments in the pursuit of national objectives. It involves the inflow of financial resources in the form of taxes and other revenues, and the outflow of such resources in the form of expenditure to finance goods and services.
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Rosen, Harvey S, Public Finance, McGraw-Hill.
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public finance harvey s rosen and ted gayer 9th. Public finance harvey s rosen pdf Public Finance is the. Rosen and Ted Gayer, 2007, 2009, McGraw-Hill Irwin. Rosen and Ted Gayer, 2007, McGraw- Hill, Boston, 8th edition, 2008, 596 pp.
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harvey s rosen and ted gayer, 2007, mcgraw hill, boston, 8th. Public finance, harvey s rosen and ted gayer. mcgraw hill education 95 public finance harvey s rosen and ted gayer 2007 mcgraw hill boston 8th edition 2008 596.