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
tax that can be transferred
indirect tax
val of product imported/exported
customs duty
val of locally-made, -sold, -used products (final value)
excise tax
another name for excise tax
sin tax
gross annual sales; not VAT-registered
sales tax
sale, barter, exchange, lease of goods/properties/services in PH
value-added tax
another name for value-added tax
VAT
tax that can be applied every time a product is availed
value-added tax (VAT)
taxation during expansionary and contractionary
expansionary: ↓
contractionary: ↑
spending during expansionary and contractionary
expansionary: ↑
contractionary: ↓
allocation of public funds
national budget cycle
DBCC
development budget coordination committee
members of DBCC
DBM (department of budget and management) + BSP + DOF (department of finance) + NEDA (national economic and development authority) + rep. from office of the president
ask all gov’t agencies how much they need + defend the amount
budget call
list of how much each gov’t agency needs
national expenditure program (NEP)
basis of budget proposal
national expenditure program (NEP)
proposal to be approved by congress
general appropriation bill (GAB)
house of senate has how many people?
24
house of representatives has how many people?
300-306
AC
appropriations committee
who makes up the AC?
house of representatives
who makes up the SFC?
house of congress
SC
senate finance committee
AC + SFC = ?
bicameral conference committee (BCC)
GAA
general appropriations act
if pres doesnt veto/approve within 30 days, it is automatically passed
lapse law
president can do what to an act?
- sign law into motion
- veto (reject)
distribute budget
execution
COA
commission on audit
create report that flags corruption in gov’t agencies
commission on audit (COA)
DBM
department of budget and management
DOF
department of finance
BSP
bangko sentral ng pilipinas
NEDA
national economic and development authority
NEP
national expenditure program
GAB
gen appropriations bill
