Tax policies essay

According to the Department of Finance, the country has recently reduced dependency on external sources to minimize the risks caused by changes in the global exchange rates. Efforts to reduce national debt include increasing tax efforts and decreasing government spending. In response to the higher global interest rates and to the depreciation of the peso, the government became increasingly reliant on domestic financing to finance fiscal deficit. The tax reform program resulted in reduced fiscal imbalance and higher tax effort in the succeeding years, peaking inbefore the enactment of the Comprehensive Tax Reform Program CTRP.

Tax policies essay

In many countries, more than two-thirds of the population is mostly involved in agricultural activities, and, therefore, they reside in rural areas where they carry out these activities.

However, many of these people are also involved in the supply of labor for other activities. About thirty percent of the GDP of most Sub-Saharan countries comes from agricultural activities while, in some countries, it accounts for fifty percent of the GDP.

Considering Sub-Sahara as a region, agriculture handles between fifteen and twenty percent of the GDP. However, for several decades, this fraction has continuously changed and, therefore, also the economy of the countries in the region.

According the reports in World Bank information, this region has undergone a very little net increase in per capita income while measured using the purchasing power parity and the standards of living of the people. Therefore, this means that agriculture Tax policies essay a source of employment is not doing well in the region and that the workforce is gaining very little income.

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Hence, this fact has significant implications for the lives of the people involved in agricultural activities. In comparison with the non-agricultural sectors, output per employee is lower. Consequently, this is the reason most of the rural areas in Sub-Saharan countries are poor since agriculture provides low returns.

There are many reasons that are accountable for the results of poor agricultural output and hence poor economic development in Sub-Saharan countries.

Almost all these reasons are connected to high financing needed in this region because high prices of things like input, technology for agriculture, and high transportation prices of outputs. Comparison of Tax Policies on Agricultural production between Kenya and Tanzania Taxation policies vary from one state to another, but in Sub-Saharan Africa countries, tax policies are greatly similar.

This paper aims at exploring the tax policies within countries in Sub-Saharan Africa and how they have impacted agricultural activities and production in the region. The taxation policies in the region have had rampant effects on the agriculture sector both directly and indirectly.

Tax policies that greatly affect the agricultural sector range from touching the exports and imports up to the direct levies on the farm inputs and outputs.

For a clear understanding of the influence of taxation on agricultural productivity, studies from specific countries like Kenya and Tanzania are used. However, other countries such as Uganda and Ghana will also be considered in the study. In Kenya, import license controls ended in the year It especially helped the local farmers by encouraging them to step up their production capacities as the external competition had been barred.

This taxation policy in Kenya, like in many other Sub-Saharan African countries, was aimed at safeguarding local farmers from unhealthy competition from imports.

In return, the move would see many local farmers increase their production volumes. However, the move did not result in significant improvement in agricultural produce because the government did not involve other policies that could have helped the farmers in agriculture Gollin, For example, the Kenyan government ought to have included more subsidies in agricultural inputs in addition to helping the farmers acquire the needed technology and funds that would improve the field of agriculture.

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Moreover, by finding the markets of local agricultural produce in the overseas could have increased agricultural outputs, since the farmer would be encouraged by good returns from their products. In the review of the tax policies, the African states were supposed to be careful, so that they could not overtax priority items like spare parts for farm machinery, raw materials, and agricultural machinery.

The move largely helped the agricultural sector by ensuring the smooth running of affairs on the local farms and also maintained a low production cost for farmers. Kenya, like her counterparts in the Sub-Saharan Africa, greatly employed these tax policies on agricultural produce to cushion their local farmers from the unhealthy competition for the market by imported cheap agricultural products.

Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. 2. Compulsory monetary contribution to the state’s revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc., . Sep 14,  · Home / RESEARCH / State Budget and Tax. Report. State Limits on Property Taxes Hamstring Local Services and Should Be Relaxed or Repealed. July 18, We analyze budget and tax policies and work with state officials and state-based nonprofits to develop policies that address the needs of low-income families. The literature of the House Republican Conference goes on to illuminate the role of the government and how tax policies affect individuals: The money the government spends does not belong to the government; it belongs to the taxpayers who earned it (Democrats vs. Republicans).

In some countries, the farming process had been subsidized to great length, thus a very low cost of production and thus very low prices that local farmers could not match.

Allowing such cheap products inside the country would choke the local farmers Meagher, However, this policy on import duties was not very sufficient since many other factors also needed to be considered. For example, although the competition was reduced, the farmers continue to produce low- quality products because of the lack of skilled labor, modern farming methods, farm implements, irrigation, and fertilizers.

As in the case with Kenya agricultural output and earnings from the produce Tanzania did not do well in the past and continued to frustrate a large population of people since many involved in farming and living in rural areas.

Moreover, exploding rate of population growth in the country frustrated the economic development. Since Tanzania had little natural resources President, Julius Nyerere believed that the economic policies used by Western countries were not suitable for Tanzania.

Therefore, he embraced the conventional African tradition of sharing to create an African socialism. The idealism encouraged the young people who volunteered from many areas in Tanzania to help in the development of the country.

Though assistance came from the industrialized Western nations, Nyerere wanted the country to develop without depending heavily on the West. By the early s, he had ordered the forced transfer of individuals to the collective farms, and this caused resistance and burning of villages.

This campaign resulted in the population almost starving and hence the country depended on foreign food aid for sustenance. Inhe admitted his failure and Tanzania was characterized by poverty and inequality.Examples of the former he sees as the policies of Presidents Truman and George W.

Bush; examples he cites of the latter, less ambitious approach to foreign policy, are those of Presidents Eisenhower and George H. W. Bush.– Ed. As of July 13, it was reported that due to an unexpected increase in tax revenues, the deficit will decline.

Steven Terner Mnuchin was sworn in as the 77th Secretary of the Treasury on February 13, As Secretary, Mr. Mnuchin is responsible for the U.S.

Treasury, whose mission is to maintain a strong economy, foster economic growth, and create job opportunities by promoting the conditions that enable prosperity at home and abroad.

After the recent reductions in the corporate tax rate from 36 per cent in to 34 per cent in and further to 33 per cent in , the revenue from corporate income tax has started to decline. Table Tax structure in Italy – Revenue of major tax categories measured as a percentage of total tax revenue.

The basic administrative goals of tax policy are uncontroversial: taxes should be easy to understand and enforced in a fair manner.

Tax policies essay

(Gale, ) Changes to the U.S. federal tax code since the Tax Reform Act of have led to a system that is too broken to fix.

Fiscal policy of the Philippines Jump to navigation Jump to search. Fiscal Tax collections comprise the biggest percentage of revenue collected. Its biggest contributor is the Bureau of Internal Revenue (BIR), followed by the Bureau of Customs (BOC). Tax effort as a percentage of GDP has averaged at roughly 13% for the years Tax policies can have short term or long-term effects to the economy.

Taxes can reduce people’s incentives to work, save or invest. Taxes could be consumption taxes, income taxes and taxes on international borrowing. Other types of taxes include corporation taxes, estate and social security taxes.

(Gupta A, ).

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