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Nature and Principles of Taxation - Public revenue, Public finance Video Lecture | Public Finance - B Com
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FAQs on Nature and Principles of Taxation - Public revenue, Public finance Video Lecture - Public Finance - B Com
| 1. What is the nature of taxation? |  |
Ans. The nature of taxation refers to the characteristics and features of the tax system. It includes aspects such as the purpose of taxation, the authority imposing the tax, the legal framework, and the impact on individuals and businesses. Taxation is primarily a means for the government to generate public revenue and finance public expenditure. It is enforced by law and is compulsory for eligible individuals and entities.
| 2. What are the principles of taxation? | |
Ans. The principles of taxation are guidelines that govern the design and implementation of tax systems. These principles include:
1. Equity: Taxes should be fair and just, ensuring that individuals and businesses with higher incomes or greater ability to pay contribute proportionally more.
2. Certainty: Taxpayers should have a clear understanding of their tax obligations, including the tax rates, deductions, and exemptions that apply.
3. Convenience: The tax system should be convenient for taxpayers to comply with, minimizing administrative burdens and simplifying the process of filing tax returns.
4. Efficiency: Taxes should be structured in a way that minimizes economic distortions and promotes economic growth and efficiency.
5. Adequacy: Taxation should generate sufficient revenue to meet the government's expenditure needs and fulfill its responsibilities.
| 3. How does taxation contribute to public revenue? | |
Ans. Taxation is a primary source of public revenue for governments. When individuals and businesses pay taxes, the government collects revenue that can be used to fund public goods and services, such as healthcare, education, infrastructure, defense, and social welfare programs. The amount of revenue generated depends on various factors, including the tax rates, the tax base (income, consumption, property, etc.), and the compliance of taxpayers.
| 4. What is the difference between public revenue and public finance? | |
Ans. Public revenue refers to the income or funds received by the government through various sources, including taxation, fees, fines, and other forms of revenue. It is the financial inflow that the government utilizes to meet its expenditure requirements.
On the other hand, public finance is a broader concept that encompasses the management of public funds and resources. It involves the study of government budgets, public expenditure, debt management, fiscal policy, and other financial aspects related to the functioning of the government.
| 5. How does taxation impact the economy? | |
Ans. Taxation has both direct and indirect impacts on the economy. Directly, taxation affects individuals and businesses by reducing their disposable income or profits. This can influence consumption and investment decisions, as higher tax rates may discourage spending and entrepreneurship.
Indirectly, taxation plays a crucial role in funding government expenditure, which can stimulate economic growth through infrastructure development, education, and healthcare. Additionally, tax policies can be used to incentivize certain behaviors, such as promoting investment in specific industries or encouraging energy-saving practices.
Overall, the impact of taxation on the economy depends on various factors, including the tax structure, rates, and how the revenue is utilized by the government.
Text Transcript from Video
this short movie explains what the main
principles of taxation are and how the
government implements such concepts now
the government needs to collect revenues
in order to finance its expenditures
such as providing education
transportation health care and so on the
major source of financing government
expenditures is through taxation in
other words individuals are obliged to
pay a portion of their income to the
government
take for instance Orton I'm a professor
at the University of Louisville he
earned 6000 euros per month and from
that amount he spends 100 euros per
month in clothes but now he has to pay
taxes which means a portion of his
income will go to the government
now given that Putin has less money in
his pocket you will decide to spend only
50 euros per month in clothes that is
the government for taxation can distort
Orton's choice to buy clothes but now
the government needs to decide what
portion of Hortons income to take so
that incan finance its expenditures and
this is done for two major approaches
the benefit principle and the ability to
pay principle blood sassoon cent goes to
work every day with his car razzes
friend Linda uses the public
transportation Sam will demand from the
government to repair and maintain roads
so that he can drive to work the
government will respond to exams request
by building and repairing roads or
highways but in order to do that it will
to put higher taxes on gasoline that is
exam will enjoy the benefits of better
roads but at the same time it will pay
taxes in order to find as the cost of
government to provide better roads in
contrast the ability to pay approach
focuses on the capacity of citizens to
earn income related to the ability to
pay principle we can distinguish between
horizontal and vertical equity the
horizontal equity is achieved when
individuals with the same income pay the
same amount of taxes for example
trynda and van both doctors earn 50,000
euros per year and they both pay 18
percent of their income in taxes however
Drina is single she has one hundred
thousand euros in bank and she lives in
a house that she had heard it from your
grandfather then on the other hand is a
father of three children rent an
apartment for 200 euros per month and
has no money on his bank account are
these two people really equal in the
sense that they have the same economic
capacity to pay taxes vertical equity on
the other hand explains how individuals
with different economic capacity fit
different amount in taxes
so let's compare Maradona a working
mother who works for six hours per hour
and support to children with a
millionaire like fidget Mottola
according to this approach budget
bazolar who earns more money needs to
pay higher taxes the government through
taxes aims to redistribute wealth in the
society in a more fair way which implies
that poor people get more happiness out
of the money than the rich do but we
should consider that the marginal
benefit of a neuro it's not the same for
two individuals who have different
earnings that is one hero might be worth
a whole lot to marry gonna who has
little income and little wealth and
works in a factory for six years in our
and supports two children the same one
hero might be worth much less to a
millionaire like belgic patola
who has a lot of income and wealth to
sum up taxes that are implemented by the
government in order to finance its
expenditures must follow some criteria
such as equity which explains the
ability to pay and efficiency that
explains the laws of efficiency and the
private sector in other words
individuals will have to sacrifice the
consumption of some private goods and
services after the government raises its
revenues in order to finance their
activities
you
created using powtoon
principles of taxation are and how the
government implements such concepts now
the government needs to collect revenues
in order to finance its expenditures
such as providing education
transportation health care and so on the
major source of financing government
expenditures is through taxation in
other words individuals are obliged to
pay a portion of their income to the
government
take for instance Orton I'm a professor
at the University of Louisville he
earned 6000 euros per month and from
that amount he spends 100 euros per
month in clothes but now he has to pay
taxes which means a portion of his
income will go to the government
now given that Putin has less money in
his pocket you will decide to spend only
50 euros per month in clothes that is
the government for taxation can distort
Orton's choice to buy clothes but now
the government needs to decide what
portion of Hortons income to take so
that incan finance its expenditures and
this is done for two major approaches
the benefit principle and the ability to
pay principle blood sassoon cent goes to
work every day with his car razzes
friend Linda uses the public
transportation Sam will demand from the
government to repair and maintain roads
so that he can drive to work the
government will respond to exams request
by building and repairing roads or
highways but in order to do that it will
to put higher taxes on gasoline that is
exam will enjoy the benefits of better
roads but at the same time it will pay
taxes in order to find as the cost of
government to provide better roads in
contrast the ability to pay approach
focuses on the capacity of citizens to
earn income related to the ability to
pay principle we can distinguish between
horizontal and vertical equity the
horizontal equity is achieved when
individuals with the same income pay the
same amount of taxes for example
trynda and van both doctors earn 50,000
euros per year and they both pay 18
percent of their income in taxes however
Drina is single she has one hundred
thousand euros in bank and she lives in
a house that she had heard it from your
grandfather then on the other hand is a
father of three children rent an
apartment for 200 euros per month and
has no money on his bank account are
these two people really equal in the
sense that they have the same economic
capacity to pay taxes vertical equity on
the other hand explains how individuals
with different economic capacity fit
different amount in taxes
so let's compare Maradona a working
mother who works for six hours per hour
and support to children with a
millionaire like fidget Mottola
according to this approach budget
bazolar who earns more money needs to
pay higher taxes the government through
taxes aims to redistribute wealth in the
society in a more fair way which implies
that poor people get more happiness out
of the money than the rich do but we
should consider that the marginal
benefit of a neuro it's not the same for
two individuals who have different
earnings that is one hero might be worth
a whole lot to marry gonna who has
little income and little wealth and
works in a factory for six years in our
and supports two children the same one
hero might be worth much less to a
millionaire like belgic patola
who has a lot of income and wealth to
sum up taxes that are implemented by the
government in order to finance its
expenditures must follow some criteria
such as equity which explains the
ability to pay and efficiency that
explains the laws of efficiency and the
private sector in other words
individuals will have to sacrifice the
consumption of some private goods and
services after the government raises its
revenues in order to finance their
activities
you
created using powtoon
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Dec 20, 2024 Last updated |
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