SSS2 ECONOMICS
Fiscal policy is the use of government spending and taxation to control the economy and achieve goals like reducing unemployment and inflation. The government gets its revenue mainly from taxes such as income tax, company tax and VAT, non-tax sources like fines, licenses and fees, and other sources including borrowing, grants, and revenue from oil and natural resources. Taxation is the compulsory payment made by individuals and companies to the government, and it serves purposes such as raising revenue, reducing income inequality, and controlling consumption of harmful goods.
Meet Your Instructors
What you'll learn
- Meaning of fiscal policy; sources of government revenue
- Taxation, Reason for imposing Taxes,System of taxation
- Explain tax evasion, tax avoidance, tax base, tax rate and the incidence of taxation
What's Included
- It helps students understand how tax affects their income and spending decisions.
- It teaches students the importance of paying tax and obeying government policies
- It helps government identify and expand sources of revenue for providing public goods like roads, schools, and hospitals.
- It serves as a career guidance for students because it's Provides knowledge for careers in accounting, economics, finance, and public administration.