Examination of Various Ways Government Can Improve Its Revenue Base
Autor: davinalightburn • March 12, 2015 • Research Paper • 6,532 Words (27 Pages) • 894 Views
Examination of various ways Government can improve its revenue base
Davina Lightburn
Marianne Pariente
Candy Miralda
Sehon Richards
Shanelie Guemez
Chirley Orellana
Group B
University of Belize
Public Finance
Mr. Fatai Akinkuolie
March 6, 2015
Author’s Note
This paper was prepared for a Public Finance course taught by Mr. Fatai Akinkuolie, a lecturer at the University of Belize
Table of Contents
Introduction
Literature Review
The Role of Government
The Role of Budgeting
The Budget as a Process
The Budget as Policy Instrument
Budget as a Managerial Tool
Budget Deficits
Causes of Budget Deficits
Ways to Reduce Budget Deficit
Tax Increases
Economic Growth
Bonds
Sources of Revenue
Domestic Tax on Income and Transactions
Other Taxes
Taxation of International Trade Transactions
How Government Can Increase Revenue Base
Tax Certain Non-Taxed Business Activities
Raising Top Individuals Income Tax Rates
Raising User fees and leases
Raising General Sales Taxes
Raising corporate income tax rates
Conclusion
References
Appendix
Introduction
According to the National Conference of State Legislatures (2007), a government's revenue system is the entire means by which a government acquires funding. The term system implies that relationships exist among the components and that the whole set of revenue-raising measures can be considered as a group (Principles of a High-Quality State Revenue System, para. 13). The Government of Belize relies on taxes to finance its operations. The three main revenue earners are Income Taxes, Custom Duties and General Sales Tax. These are the main sources of revenue along with the royalties received from petroleum operations (FAQ's. n.d.). However, these royalties are expected to decline as the extraction of crude also declines over a period of time.
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