Patterns of Philippine Revenue 1960-1990 free essay sample

Of prime importance is the promotion of economic development by the government through direct financing, like the construction of infrastructures and direct involvement in certain productive activities to fill the gap the private sector has left, and through public entrepreneurship by the use of government corporations or public enterprises. Economic development is pursued directly, maintaining economic stability, through compensating actions for fluctuations in business activities by the use of taxes that can adapt to the changing conditions and needs of the economy. Thus, some forms of taxation help stimulate investment. In combination with such other devices as socialized pricing, and credit and exchange controls, the revenue system is a major device against inflation and an effective tool in achieving economic stability, employment and income redistribution. In the area of social development, improvement through the provision of education and health services and income redistribution form a more balanced economic growth can be achieved through taxation and expenditure policies. We will write a custom essay sample on Patterns of Philippine Revenue 1960-1990 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In 1977, the Commission on Audit and the Ministry of Budget (now the Department of Budget and Management) revised the classification of accounts. The division of accounts into sections was initiated for the purpose of detailed recording and reporting in accordance with the existing practices, rules and regulations and for the International Monetary Fund’s (IMF) Government Finance Statistics, which makes possible international comparison among the IMF’s member countries. The Philippine revenues are derived from five main sources: 1. Tax revenues a. Property taxes b. Income tax c. Amnesty tax d. Estate and gift tax e. Community tax f. Immigration tax g. Excise tax h. License and business tax i. Import duties j. Documentary stamps tax k. Charges on forest products l. Wharf age fees m. Franchise tax n. Import tax o. Miscellaneous tax 2. Capital revenues 3. Extra-ordinary income 4. Public borrowings 5. Grants