This document provides an overview of macroeconomics and fiscal policy in Pakistan. It discusses key topics such as the objectives, instruments, and types of fiscal policy. It also examines issues like the causes and impact of fiscal deficits, methods of raising government funds, and factors that have contributed to Pakistan's budget shortfalls. The conclusion emphasizes that Pakistan needs structural tax reforms and to increase industrial productivity in order to improve its fiscal position.
Fiscal policy is related to income and expenditure of government. It refers to budgetary policy of government. It is also known as Income and Expenditure Policy or Tax and Expenditure Policy of government. The fiscal policy is of great importance for both developed and developing countries.
Information on Fiscal Policy including that of the impact on AD and the Economics Objectives or Inflation, Economic Growth, Unemployment and Balance of Payments
Fiscal policy is related to income and expenditure of government. It refers to budgetary policy of government. It is also known as Income and Expenditure Policy or Tax and Expenditure Policy of government. The fiscal policy is of great importance for both developed and developing countries.
Information on Fiscal Policy including that of the impact on AD and the Economics Objectives or Inflation, Economic Growth, Unemployment and Balance of Payments
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Business Environment - Unit-5 - IMBA - Osmania UniversityBalasri Kamarapu
Business Environment - Unit-5 - IMBA - Osmania University
Unit-V
Economic Survey and Union Budget
Fiscal Policy and Present Tax Environment
Direct and Indirect Taxes
Concept of Value Added Tax
Current Year’s Economic Survey and Union Budget
Fiscal Policy and Present Tax Environment
Fiscal policy deals with the taxation and expenditure decisions of the government.
Some of the major instruments of fiscal policy are as follows: Budget, Taxation, Public Expenditure, public revenue, Public Debt, and Fiscal Deficit in the economy.
Fiscal policy means the use of taxation and public expenditure by the government for stabilization or growth of the economy.
According to Culbarston, “By fiscal policy we refer to Government actions affecting its receipts and expenditures which ordinarily as measured by the government’s receipts, its surplus or deficit.”
General objectives of Fiscal Policy are given below:
1. To maintain and achieve full employment.
2. To stabilize the price level.
3. To stabilize the growth rate of the economy.
4. To maintain equilibrium in the Balance of Payments.
5. To promote the economic development of underdeveloped countries.
The revenue and expenditure of india,fiscal policyHuma Ansari
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• Tax revenue and non tax revenue
• Union budget analysis
• Expenditure of government
• Need, types, objectives of government expenditure
• What is fiscal policy
• Concept and types of fiscal policy
• Different measures to control fiscal deficit
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3.
Fiscal policy is an important part of overall economic
Framework of country.
The Fiscal policy is formed by Central Govt (Federal
Govt)----Ministry of Finance.
Introduction:
4.
5.
Fiscal policy refers to the policy under which
government uses its expenditure and revenue
program to produce the desirable effect of national
income , production and employment.
“According to Arthur Smith”
6.
Taxes
Direct tax
Indirect Tax
Fees
Aids
Fines
Loan
Collection of Revenue:
7. Development of country
Expansion of Employment
Fixation of Govt Policy
Economic Growth
Controlling Inflation
Check imbalance the various sectors
Reduce inequality the income and wealth
Increasing the Investment
Optimum allocation of Resources
Objectives of Fiscal Policy:
8.
Implementing the Fiscal policy of the Nation
Govt revenue
Expenditure
Budget
The Budget of the Govt is main instrument of the
Fiscal Policy.
Instrument or Tools of
Fiscal Policy:
9.
The Estimated Revenue and Expenditure of the next
year and the Future year of the Govt with specific
time.
Fiscal policy involves the Revenue and Expenditure
pattern to achieve the range of Economics Objectives.
Budget:
10.
Governments expenditure can be funded in a number of
different ways:
Taxation of the population
Non Tax
Borrowing money from the population,resulting in a
fiscal deficit.
External resources: Foreign grant and loans etc
Methodes of Raising
funds
11. 1) Direct:
Direct tax is the one paid directly to the Govt. By the
persons on whom it is imposed
Income Tax, Property Tax, Capital Value Tax etc
2) Indirect:
It is collected by an intermediary(such as a retail store)
from the person who bears the ultimate economic
burden of the tax(such as the customer).
Sales Tax
Types of Taxes
12.
Tax Evasion
It is an illegal practice where a person, organization or
corporation intentionally avoids paying his/her/its
true tax liability.
Common issue regarding
collection of taxes
13.
People do not want to disclose their true income
Too many unlawful business activities such as drugs,
hoarding, black money, etc.
No fear of punishment
Complex tax structure
Uncontrolled inflation and high cost of living
Low level of literacy among tax payers
Some economic sectors are exempted:
Agriculture,real estate and capital gain
Causes of Tax Evasion
14.
The principal reason lies in the structural weaknesses
of Pakistan’s tax system which is:
Complex
Inefficient
Unfair
Weakness of Tax System
15.
Lowering tax rates
Taxing all value additions including services,not
just manufacturing sector
Establish an effective and efficient tax system.
Overcome the culture of tax avoidance and evasion
Principles of tax Policy
16. Expansionary:
An increase in government purchases of goods and services, a
decrease in net taxes, or some combination of two for the purpose of
increasing aggregate demand and expanding real output.
Aggregate demand= consumption+investment+Govt spending+net Exports
Contractionary:
A decrease in government purchases of goods and services, an
increase in net taxes, or some combination of the two for the
purpose of decreasing aggregate demand and thus controlling
inflation.
Types of fiscal Policy
17.
Fiscal deficit is the difference between the government’s expenditures
and its revenues (excluding the money it’s borrowed). A country’s
fiscal deficit is usually communicated as a percentage of its gross
domestic product (GDP).
Fiscal Deficit=Govt. Spending –Govt. Earning
Causes of Fiscal Deficit
High Govt. Spending
Lower Revenue
Inflation
Fiscal Deficit
18.
Economist John Maynard Keynes believed that
deficits help countries climb out of economic recession.
On the other hand, fiscal conservatives feel that
governments should avoid deficits in favor of a
balanced budget policy.
Economist’s opinions
19.
The deviation from initial estimates was largely on
account of three factors:
underestimation of subsidies
underestimation of interest payments
overestimation of FBR tax revenue.
Factors of Deviation in
fiscal Deficit
20.
Increase in non-development expenditure
Why Pakistan is Facing
budget shortfall
32%
68%
Interest & Defense Total Expanditure
32%
Of the total expenditure is spend
on the Defense &
Interest Payments.
21.
Too many factories are closed or in partial
production for want of power and gas
Tax Evasion by well performing industries
Corruption by Tax Officials
Law and Order causing burden on the Expenditure
side by way of compensation to the affected and
mobilization to send forces to such areas.
Why Pakistan is Facing
budget shortfall(Cont.)
22.
Govt should impose new taxes
Increase the price of utilities
Decrease in development spending
How Pakistan can avoid
Surge in Fiscal Deficit?
23.
Pakistan fiscal position worsened because of unexpected
events occurred on domestic and external scene.
High proportion of revenues being spent on defense and
interest payments.
Lower industrial productivity leads to lower tax
collection because of high interest rates.
Pakistan needs to increase tax base by imposing tax on
agriculture and capital gain to increase revenue.
Conclusion