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Friday, August 7, 2020 | History

3 edition of Revenue and macroeconomic effects of an oil import tax found in the catalog.

Revenue and macroeconomic effects of an oil import tax

Revenue and macroeconomic effects of an oil import tax

a brief review

  • 176 Want to read
  • 21 Currently reading

Published by Library of Congress, Congressional Research Service in [Washington, DC] .
Written in English

    Subjects:
  • Tariff -- United States,
  • Petroleum -- Taxation -- United States

  • Edition Notes

    Statementby Bernard A. Gelb and Everson W. Hull
    SeriesMajor studies and issue briefs of the Congressional Research Service -- 1982-83, reel 10, fr. 0692
    ContributionsHull, Everson W, Library of Congress. Congressional Research Service
    The Physical Object
    FormatMicroform
    Pagination26 p.
    Number of Pages26
    ID Numbers
    Open LibraryOL15452852M

      Modelling the behaviour of key arguments involved in the transmission mechanism of oil revenues into the domestic economy is a necessary introduction to dealing with this thesis attempts to provide a careful analysis with empirical evidence of the issue of the macroeconomic effects of oil revenue fluctuations on key economic.   An oil import tax, on the other hand, would hit our basic, most energy-intensive industries with a 56 percent energy price increase not imposed on their overseas competitors.

    Import duties on unprocessed agricultural products in Sensitive List shall be reduced or eliminated to zero or five percent (%) by , Cambodia shall maintain 7% . The German economy, like those of many other western nations, suffered the effects of the Great Depression with unemployment soaring around the Wall Street Crash of When Adolf Hitler became Chancellor of Germany in , he introduced policies aimed at improving the economy. The changes included privatization of state industries, autarky (national economic self-sufficiency), and tariffs.

    Taxation, imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. Learn more about taxation in this article. much smaller share of federal revenue, about 10 percent, and such taxes have gradually been declining over time as a share of federal revenue. The remaining categories, excise taxes and other receipts, accounted for only 8 percent of revenue. Economic efficiency.A final goal for tax reform, and the focus of this article, is economic efficiency.


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Revenue and macroeconomic effects of an oil import tax Download PDF EPUB FB2

Get this from a library. Oil import taxes: revenue and economic effects. [Bernard A Gelb; Salvatore Lazzari; Library of Congress. Congressional Research Service.]. Get this from a library. Revenue and macroeconomic effects of an oil import tax: a brief review.

[Bernard A Gelb; Everson W Hull; Library of Congress. Congressional Research Service.]. The macroeconomic effects of taxes are important because they can affect people’s well-being, although those effects do not always directly correspond to the effects on measured economic output.

Macroeconomic changes also influence the amount of revenue a tax system raises, through so-called dynamic effects. Effect of an Oil Import Tariff Suppose the US government becomes concerned about the amount of money being spent on imported oil and decides to reduce imports via a tariff.

Imagine that you are asked to do a quick, preliminary analysis of the tariff and its effects. Average Tariff Rate % = Customs Revenue/ cost of Imports (goods).

Other taxes collected are: Income Tax, Corporate Income Tax, Inheritance, Tariffs—often called Customs or duties on imports, etc. Income Taxes began in with the passage of 16th Amendment. Payroll taxes are Social Security and Medicare taxes Payroll Taxes began in   A Reversal of Fortune.

In the s and early s, the United States was struggling under declining domestic oil production and the resulting need to import more oil. Government tax revenue does not necessarily increase as the tax rate increases.

The government will earn more tax income at 1% rate than at 0%, but they will not earn more at % than they will at 10%, due to the disincentives high tax rates cause. Thus there is a peak tax rate where government revenue is highest. evaluate the long run relationship Revenue and macroeconomic effects of an oil import tax book tax revenue and economic growth in Nigeria.

The study focuses on the impact of petroleum profit tax, company income tax, personal income tax, value added tax revenue on Nigeria’s Economic growth between and The study period spans economic cycles for about 66 percent of the life of.

Shortfalls in Tax Revenues. The anticipated decline in import volumes and values, as well as the slowdown in economic activities, will lead to shortfalls in both import duties and other tax.

4 Analysing Oil Price- Macroeconomic Volatility in Nigeria Alhassan and Kilishi The analysis showed asymmetric effect. Asymmetric effect implies that oil price increase has a clearly different effect from the effect of oil price decline.

Mork, Olsen and Mysen () confirmed the asymmetric effect for. Crude oil prices have topped $80 per barrel for the first time since ET Wealth illustrates how change in oil prices impacts the economy, markets and your money.

Heightened tensions in the Middle East and lower supply from oil producing countries have led to the recent surge in oil. Taxes and The oil & gas industry. 12 Corporate taxes 12 Severance taxes 14 labor income, contribution to government revenue, etc. The indirect effect describes the impact on other industries that provide goods and services to the oil The study The Economic Impacts of the Oil and Natural Gas Industry on the U.S.

Economy in The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks Christina D. Romer, David H. Romer. NBER Working Paper No. Issued in July NBER Program(s):Development of the American Economy, Economic Fluctuations and Growth, Monetary Economics, Public Economics.

Based on the Table 4, the regression shows that there is a relationship between the ratios of components of tax revenue to total tax revenue and inflation rate on economic indicators. The null hypothesis is rejected based on the significant (, or level), using P-value in OLS method.

OIL IMPORT TARIFFS: ALTERNATIVE SCENARIOS AND THEIR EFFECTS An oil import tariff has been suggested as one tax option to help reduce the large federal deficits that are projected for the coming fiscal years.

The Trade Expansion Act of gives the President the authority to adjust the level of imports for any product affecting national. Tax ratios are constructed from tax revenue data published by the OECD. Tax revenue, divided into the components that are levied on consumption and labor and capital, form the numerators of the ratios.

The denominators are the base on which each of these taxes were levied. These are derived from each country’s national accounts data. Mendoza. made similar expenditures. These contributions aim to promote the social and economic development of the oil communities and perhaps cushion the negative effects of oil and.

3 African Commission on Human & People’s Rights, Re Communication /96, Decision. The Fiji Revenue & Customs Service is the major funder of the National Budget. Apart from our primary mandate, FRCS continues to partner and support other government initiatives as needed.

Our strategic plan is aligned with the Government’s national plan to ensure sustainable and effective performance. The fall in oil prices has been one of the most important macro-economic events recently.

as well as on oil-importing countries – the US, China and India. $2 billion loss in revenue. However, the total effect of oil price shocks on economic performance mostly depends on what the oil producers (mostly governments) do with this additional revenue.

High oil prices increase real national income through higher export earnings (Kornonen et al., ). As a result, wealth will be transferred from oil-importing countries to oil. This study analyses the impact of Non-oil Tax Revenue on Economic Growth from to in Nigeria.

To achieve this research objective, relevant secondary data were used from the Statistical Bulletin of the Central Bank of Nigeria (CBN). These data were analyzed using the Ordinary Least Squares Regression.

The result from the test shows that there exists a positive impact of Non-oil.Specific taxes: A specific tax is where the tax per unit is a fixed amount – for example the duty on a pint of beer or the tax per packet of twenty cigarettes.

Another example is air passenger duty; Ad valorem taxes: Where the tax is a percentage of the cost of supply – e.g. value added tax currently levied at the standard rate of 20%.

In.of tax evasion on revenue collection performance in Tanzania while Mehrara & Farahani () wrote on the effect of tax evasion and government tax revenues on economic stability in OECD countries. Other research works carried out by scholars on the effects of tax.