16 Fiscal Policy Flashcards
means by which gov’t adjusts spending + taxes to monitor + influence the economy
fiscal policy
enforced contributions levied by the gov’t
taxes
national gov’t, local gov’ts, gov’t owned + controlled corps
public sector
BIR
bureau of internal revenue
assesses + collects all nt’l interval revenue, taxes, fees, charges
bureau of internal revenue
collects taxes, fees, charges in connection with int’l trade (foreign sector)
bureau of customs
BOC
bureau of customs
purposes of taxation
- raise revenue
- promote gen welfare
- reduce social inequality
- encourage economic growth
collect needed amt of money
fiscal adequacy
administrative feasibility
not hard to pay
consistency with economic goals
within your means
theoretical justice
based on ability to pay; fairness
principles of taxation
- fiscal adequacy
- administrative feasibility
- consistency with economic goals
- theoretical justice
tax base ↑, tax rate ↓
regressive
tax base ↑, tax rate ↑
progressive
fixed tax rate
proportional
tax that cannot be transferred
direct tax
income from profession, business, prop
income tax
sale/exchange of capital assets
capital gains tax
val of land, building, similar prop
property tax
from deceased -> living, legal heirs
estate tax
donated/gift between 2 living persons
donor’s tax
another name for donor’s tax
gift tax
types of properties
- commercial
- residential
- agricultural
