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Title: tax
Description: Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.
Description: Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.
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Tax
Taxation, imposition of compulsory levies on individuals or entities by governments
...
Purposes of taxation
During the 19th century the prevalent idea was that taxes should serve mainly to finance the
government
...
One useful way to view the purpose of taxation, attributable to American
economist Richard A
...
Classes of taxes
In the literature of public finance, taxes have been classified in various ways according to who
pays for them, who bears the ultimate burden of them, the extent to which the burden can be
shifted, and various other criteria
...
g
...
Indirect taxes
Indirect taxes are levied on the production or consumption of goods and services or on
transactions, including imports and exports
...
Taxation in Pakistan
Pakistan's current Taxation system is defined by Income Tax Ordinance 2001 (for direct taxes)
and Sales Tax Act 1990 (for indirect taxes) and administrated by Federal Board of Revenue
(FBR)
...
It became effective from 1
July 2002
...
What is excise duty and custom duty?
An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods
produced within the country (as opposed to customs duties, charged on goods from outside the
country)
...
What is a tax on imports or exports?
A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value
including freight and insurance of imported products
...
Partial equilibrium and General equilibrium
General equilibrium refers to a situation when the demand and supply of every commodity is
equal in the market, whereas, partial equilibrium takes into account a part of the market
...
General Equilibrium
Partial Equilibrium
Analyzes the economy as a whole
...
The impact of several variables is taken into
account simultaneously to derive it
...
Considers interdependence and the interrelations of
many variables
...
Forms the basis of macroeconomic analysis
...
Tax Incidence
Tax incidence can be defined as the study of how the burden of a tax is shared among economic
participants
...
By calculating and analyzing tax incidence, it can be discovered whether the
buyer or seller is likely to carry the cost of a tax
...
The study of tax incidence is important
because, as a result of the different elasticities of demand and supply, the buyer and seller may
not necessarily bear an equal share of the tax burden
...
Additionally,
it can affect the overall tax revenue collected by the government
...
The government
wants to know how this new tax will impact the economy and specifically, how the cost of this
tax will be shared between the buyers and sellers of gasoline
...
One formula is used for consumer tax incidence
...
This formula is used to determine what percentage of the tax burden is shouldered by the
consumer
...
Title: tax
Description: Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.
Description: Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.