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  • Taxation in Fiscal Ad and Other Issues

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    Jessica Villanueva Grifaldo
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    This document discusses several key components of fiscal administration including taxation, revenue administration, resource allocation, budgeting, public expenditure, public borrowing, debt management, accounting, and auditing. It outlines issues like tax evasion, ghost projects, nepotism, and corruption that plague Philippine fiscal administration. Some solutions proposed to address corruption include punishing vote sellers, annual assessments of officials, a more efficient tax system, surprise audits, timely audits, regulating corporations, and improving integrity in the justice system.

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    This document discusses several key components of fiscal administration including taxation, revenue administration, resource allocation, budgeting, public expenditure, public borrowing, debt management, accounting, and auditing. It outlines issues like tax evasion, ghost projects, nepotism, and corruption that plague Philippine fiscal administration. Some solutions proposed to address corruption include punishing vote sellers, annual assessments of officials, a more efficient tax system, surprise audits, timely audits, regulating corporations, and improving integrity in the justice system.

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    8 views20 pages

    Taxation in Fiscal Ad and Other Issues

    Uploaded by

    Jessica Villanueva Grifaldo
    This document discusses several key components of fiscal administration including taxation, revenue administration, resource allocation, budgeting, public expenditure, public borrowing, debt management, accounting, and auditing. It outlines issues like tax evasion, ghost projects, nepotism, and corruption that plague Philippine fiscal administration. Some solutions proposed to address corruption include punishing vote sellers, annual assessments of officials, a more efficient tax system, surprise audits, timely audits, regulating corporations, and improving integrity in the justice system.

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    © All Rights Reserved
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    of 20

    TAXATION IN FISCAL

    ADMINISTRATION and
    other Issues
    Wency G. Lanot – Ph D
    Components of Fiscal Administration
    • As Briones (1996) puts it, “public fiscal administration embraces the formulation,
    implementation, and evaluation of policies and decisions on…..
    taxation
    revenue administration
    resource allocation
    budgeting public expenditure; public borrowing
    debt management
    accounting and auditing
    Taxation in Fiscal Administration
    • Taxation occurs when a government or other authority requires that a fee be paid by
    citizens and corporations, to that authority. (BIR)
    • The fee is involuntary, and as opposed to other payments, not linked to any specific
    services that have been or will be provided.
    • Tax occurs on physical assets, including property and transactions, such as a sale of
    stock, or a home.
    • Types of taxes include income
    Revenue Administration
    Resource Allocation
    •.
    Accounting and Audit in Fiscal Administration

    • An audit is a statutory control of the financial statements, accounting and administration


    of entities and foundations.
    • Auditing is part of the company's control system and its primary function is to ensure that
    financial statements and other financial information give a true and fair view of the activities
    of the entity.
    • Entities that receive federal funds including states, local governments, and not-for-profit
    organizations (NPOs), are subject to audit requirements commonly referred to as “single
    audits” under the Single Audit Act of 1984, as amended in 1996.
    • The Single Audit Act was enacted to standardize the requirements for auditing federal
    programs.
    Public Borrowing and Debt Management
    • Public borrowing is money government borrows to fund public spending, the total
    amount of money that a country's central government has borrowed to fund its spending
    on public services and benefits.
    • The other terms used to refer to public borrowing are government debt, national debt or
    public debt.
    • The government issues bonds and securities for borrowing money.
    • All liabilities have to be considered when evaluating the government debt, including
    pension payments to be paid by the government in the future.
    Important in Fiscal Administration in
    government
    • In terms of governmental administration, fiscal responsibility necessitates numerous
    departments or divisions to manage the large task of funding government operations.
    • Each division or department carries responsibility for different aspects such as budgeting,
    reporting, collecting revenues in the form of fees and taxes or purchasing.
    Important Element and Effective Fiscal
    Administration
    • Maintain a debt free situation
    • Insure that there is a tax base to support
    public funding
    • A base strong enough to not require
    borrowing..
    Internal Revenue Allotment
    Issues and Problem in Fiscal Administration
    • Philippine public fiscal administration has always been characterized by continuous, expanding,
    and increasing levels of debt and budget deficits. It has also been beset with problems
    of mismanagement, conflicting and wrong priorities, and even graft and corrupt.
    • Tax Evasion
    • Ghost Projects and Payroll
    • Evasion of Public Bidding and contracts award
    • Practice of contract to another contractor
    • Nepotism and Favoritism
    • Extortion
    • Tong” or Protection Money
    Issues and Problems of Fiscal Administration
    How to avoid corruption

    • Don’t let a person who has dirty hands handle your country, your life,
    and the future of your children.”
    • Perhaps it’s impossible to stop corruption in the Philippines.
    But we need to use a strong word like STOP to protect the
    public funds from our dishonest and selfish government
    officials. Of course there’s still a number of leaders in our
    nation who are honest and conscientious. But with the reality
    that our country is facing right now, I doubt if that number is
    big.
    Solution to stop corruption
    • Punish the vote sellers and vote brokers
    • Annual assessment of all public officials by the BIR
    • A more effective and efficient tax system
    • Regular surprise examination of all government offices
    • Timely governmental audit by COA or by an Independent auditing firm
    • Strict regulation of all corporations in the Philippines
    • Strict implementation of the FOI bill
    • Improved integrity in our justice system
    • Continuing professional education requirements for politicians
    • Reduce the number of government officials

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