This research will determine the effectiveness of putting incentives on tax policies in the level of tax collection of Baguio city. Its efficiency will be evaluated through the use of cost-benefit analysis, which will weigh the level of costs and benefits for the possibility of a profit for the community. As the increase in tax revenues reveal the activeness in political and economic activities of the people, it also serves as a driver in development and growth. While most of the city’s revenues come from business establishments, economic enterprises and real property according to the city Treasurer, it is intriguing how the city manages to reach their target tax collection and continue to increase their registered business permits. Incentives can be in the form of individual or corporate tax incentives, which can include deductions, benefits, etc., which will likely influence the trend of tax collection in a period of time.
Instruments that contribute in economic growth and development have been one of the agendas for nations around the world; its uses become more evident in solving the situation of developing countries after the colonization period. Exercising the sovereignty of the state through collection of taxes has been one of the major sources of physical funds to achieve the state’s quest for growth and development to generate better welfare for their people. Ahmad and Stein (1991) would say that issues regarding the principles of the theory of taxation on how efficient would the government finance its activities is still questionable. But the question that needs to be asked first is how the state would earn maximum revenues to have funds allocated properly in government expenditures. Theory on optimal taxation would su...
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...lopment-oriented goal of the community.
Incentives given should not result to loss in revenues; otherwise it will not make a perfect sense. The problem regarding the complicated tax system in our country may be analyze and change considering that according to the 1987 constitution, “The rule of taxation shall be uniform and equitable. The Congress shall evolve a progressive system of taxation. (Article VI, Section 28, Paragraph 1). The system should consider every possible situation and factors for a more collective way of taxation; this will be reflected on the concepts of good governance and division of labors in the bureaucracy.
Works Cited
http://business.inquirer.net/10205/expert-says-philippine-tax-system-a-%E2%80%98complicated-mess%E2%80%99
http://documents.worldbank.org/curated/en/2013/06/17886462/promoting-growth-caribbean-tax-incentives-theory-practice
Lee, Y., & Gordon, R. H. (2005). Tax structure and economic growth. Journal of Public Economics, 89(5-6), 1027-1043. http://dx.doi.org/10.1016/j.jpubeco.2004.07.002
Introduction Taxes; who benefits and who gets ripped off focuses mostly on Federal and county taxes and not on state taxes. This report aims to give the reader some insight on taxes: Why we have them, what types of benefits they supply, who benefits from them, and who gets screwed by them. It informs the reader of the different types of taxation, where the money comes from and where it goes. How can people avoid some tax increases? But most of all, this report informs the reader that there is an incredible amount of money being wasted by the federal government through overspending and irresponsible behavior of government departments. This overspending has created a deficit that has caused billions of dollars in damage to the credit of the country. As a result of these excess taxes, the American taxpayer is getting ripped off by paying for waste in government. Most people in this country are being ripped off in the amount of taxes they pay due to corruption gover...
There have been calls from the public to limit the ability of municipalities to reassess and hence raise the property taxes. This has arguably inhibited the ability of local government to utilize these taxes to the maximum. The visibility and volatility nature of this tax has been cited as the main reason for the unpopularity of this tax among taxpayers . Unpopularity is one of the major problems of this tax system. Property tax is considered to be a visible tax. This means that tax payer know exactly what amount of tax they pay and hence demand an equivalent amount of service from their municipalities. The tax is visible because it is paid in lump sum unlike other taxes that are withheld at the source (income tax) or paid in small amount after each purchase (sales tax) . Similarly, the tax is used to fund services such as garbage collection, road maintenance, policing, among others. These services are very visible and hence tax payer...
Would you like to have more money in your pocket? Most people believe that there will be more money in the packet if the worker’s paycheck is larger. Some people believe the solution is found in regulating the minimum wages paid to employees. There is a good reason you are earning more money, spending more money, but retaining less for personal use. There have been eleven recessions since the decade of the Great Depression beginning in 1929. We must do something about this national financial problem before it becomes a crisis. We may not recover from the next recession. This essay describes the attributes of the “Fair Tax” system, which many informed analysts will be in the best interest of the government of this country, and the people , who live here, especially you and your family. In this essay you will discover how we can alleviate the country’s major issues in financial management, enhance enforcement of immigration laws and improve the financial support of our education system. All this is proposed with change to just one government agency.
Naturally there are several stakeholders involved in this debate. This section of this study will seek to identify the various stakeholders involved and to evaluate their stakes. The two biggest stakeholders in this debate are the government and taxpayers. An analysis of the government’s right to claim a stake in this debate arises from their need for revenue from its citizens. As previously mentioned the government needs these revenues to support itself, finance its debt, support those in need and to pay for the various social projects it creates for the citizens benefit or pleasure. The government in respects to taxation have an extremely high level of legitimacy, after all those who don’t obey face certain punishment. Which leads to the fact that the government also has an extremely high level of power. The government is the law of the land and everything within its power must either obey or face certain consequences. Thus, within limits they have the power to produce any result they want with relative ease regarding outside forces. The caveat is that often the political processes of Congress tend to put a drag on the results the government can produce. Regarding urgency, the government has a moderate to low level. Indeed, they do need the revenues to function, but given the immense number of those under its thumb, the need is often slow on an individualistic basis.
Taxes are an irrefutable piece of the new American dream. The growth of government within transactions between business and the public is arguably the fragile link in today’s market economy. As citizens grow more dependent upon the government, its programs and subsidies, the economy shifts further from market and more towards the command style. Taxation comes in many forms, and is spent ubiquitously. The countless millions drained from the classes are redistributed throughout, where there are many beneficiaries.
Gurría, Angel. "Improve tax fairness and help the developing world." OCED. Organisation for Economic Co-operation and Development, 24/04/2009. Web. 9 Oct 2011. .
The budget plan has announced the “Scheme $6,000” this year. It is a scheme that people who have Hong Kong Permanent Identity Card aged 18 or above can get $6000 from government. People who choose to defer receipt $6000 can have $200 bonus. It seems that it is a good policy for people: low-income group can have this subsidy to solve their financial problem; the others can save it, or use it to buy their favourite items. But when we think it seriously, is it really a helpful subsidy for low income group? Does the government only consume this bulk of $6000 and $200 bonus? Is it an efficient and fast process to give $6000 to people’s hand? Up to now, the “Scheme $6,000” has used almost 8 months to plan and work the delivery process. Compare to the delivering money process of Macau in recent years; it is a non-efficient and time-consuming way to plan and deliver. In this essay, we would focus on 4 aspects: time used, cost consumed, human resources and the long-term benefit. To find that is “Scheme $6,000” really benefit both government and Hong Kong people or not.
The purpose of this paper is to illustrate the layout of taxation. I will differentiate the types of taxes and the roles that they serve currently. Subsequently, I will explain what equity, efficiency, effectiveness and transparency (EEET) are and show how they apply to taxation as a whole. Lastly, I will conclude how the EEET applies to the four tax types.
In conclusion, these new tax policies that our Malaysia government implemented will give a good impact on our company when we are new established and give a bad impact on our company’s sales when our company expands and annual turnover are exceed RM500, 000. The reflationary fiscal stance will decrease the profit of our
Ricardo, D. (2013). The Principles of Political Economy and Taxation . Retrieved November 27, 2013, from http://socserv2.socsci.mcmaster.ca: http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/ricardo/prin/index.html
In recent years, one of the major concerns of economic development is the study of poverty, the income distribution and growth in the less developed countries (LDC’s) or Third World countries. Economists from all over the world have been doing researches and studies on how to induce a growth in those underdeveloped countries. However, countries differentiate in historical backgrounds, cultural believes and natural resources. As a result, the government would implement different strategies to attain a much fairer distribution of income among the society. The relationship between the income distribution and growth in the LDC’s is a significant factor that would affect government policies. Also, the study of the strategies, promoted from the government, would show us how the government can enable economic growth with a more equal income distribution.
The tax proceeds collected from the public to develop a country with two types of direct tax are a tax on people with income from tax and occupation of business trade, services and industry and indirect tax is a tax on people when they buy goods and services that are referred to another that the value added tax (VAT), which all people need to be taxable because the benefits of the tax will come back to reward people. Environmental taxes have had a clear positive impact on the environment in community. Environmental taxation has a many type. The advantages of taxation are to finance government expenditure. Governments will use different kinds of taxes and vary the tax rates. Taxes can make consumer or producer pay social cost of goods and services. Corrective tax can make the producer reduce amount of the negative externality. This adds to the producers marginal cost and will cause them to decrease output. For the benefit of a corrective tax is the provision of an incentive for companies to reduce activities. In fact, first point is without considered about negative externalities. A corrective tax increase marginal private cost by an amount equal to the marginal external cost and results in the efficient annual output. The tax can represent the total external cost of efficient output. This area equal to the external cost at optimal point. The tax allows net
After analyzing the data and the theory, we have provided our conclusion weather tax cut is better for the stimulation of growth or Government spending is? This report explains the big macroeconomic debates of the present times. It seeks to explore the debate within fiscal policy itself between tax cuts and government spending. We have tried to explain the argument through some theories and through some data collected from Indian econ...
A survey says that paying Tax has been in existence for more than 2,500 years. People need to pay tax based on their profession. India is a pioneer in developing a stable tax system. The source for the income may be from salary, House/Property, Business and Profession, capital gains, and income from other sources. This tax is the contribution by an individual or group of individuals for the development of the Country.