History of Fiscal Administration and the Theory and...

HISTORY OF FISCAL ADMINISTRATION AND THE THEORY AND PURPOSE OF TAXATION Introduction Fiscal Administration is not difficult to define. In simple terms, fiscal administration is the branch of economics that deals with the revenues and expenditures and their impact on the economy. It is the manner of collecting something from the constituents and spending it also for the constituents. And the exact definition according to http://www.wisegeek.com/what-is-fiscal-administration.htm, fiscal administration is the act of managing incoming and outgoing monetary transactions and budgets for governments, educational institutions, nonprofit organizations, and other public service entities. Constituents charge leaders, whether†¦show more content†¦For after all, public finance raises and spends revenue for the functions of the state. These functions have been changing with the development of the society. Thus, tracing the development of public finance institutions necessitates an examination of the development of organized society itself. Early Public Finance If we are to trace the origins of public finance institutions, we would probably start with the beginnings of the state under the slave societies. Under the primitive societies, there was not probably much public finance to speak of. The primitive tribes were on subsistence basis, with hardly any surplus. Whatever was acquired form hunting and fishing was immediately consumed. Battles over territories, the capture of defeated tribes who were turned into slaves, te development of settled agriculture and rudimentary advances in the production of goods led to the great empires of Asia, Africa and Europe. The early public finance institutions of these slave societies served as foundations for modern institutions and practices. Ancient public finance provided some of the basic instruments of public financial management. Medieval public finance further refined some of these concepts, distilling their basic aspects by an expanded application to medieval public goals and conditions. It also introduced some basic tools like accounting and auditing. The idea of financingShow MoreRelatedEquity: Tax and Adam Smith Essay2030 Words   |  9 PagesIntroduction This piece of eassy will contain two sections. In this part of the eassy I will discuss the meaning and importance of equity in taxation since Adam Smith included it as one of the Canons of taxation. Equity is defined as â€Å"redistributive taxation induces allocative distortions by driving a wedge between the price the consumer pays and the price the producer receives† (Begg et al. 2005, p.219). There are two types of equity to be considered: the horizontal equity, and vertical equityRead MorePublic Borrowing in the Philippines2777 Words   |  12 Pagesinstead of taxation. 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