Public finance
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Taxation
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Taxation by country Australia British Virgin Islands Canada China Colombia France Germany Hong Kong India Indonesia Ireland Netherlands New Zealand Peru Russia Singapore Tanzania United Kingdom United States European Union  v • d • e  Tax rates around the world Tax revenue as % of GDP This article does not cite any references or sources. ... Image File history File linksMetadata Size of this preview: 800 × 600 pixelsFull resolution (2816 × 2112 pixel, file size: 2. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. ... A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... This article is the current Taxation Collaboration of the Month. ... For all other forms of taxation, see tax Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A capital gains... Stamp duty is a form of tax that is levied on documents. ... Land value taxation (LVT), or site value taxation, is the policy of raising state revenues by charging each landholder a portion of the value of a site or parcel of land that would exist even if that site had no improvements. ... A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic... A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion on income), as opposed to a graduated, or progressive, scheme. ... The tax, tariff and trade laws of a political region, state or trade bloc determine which forms of consumption and production tend to be encouraged or discouraged. ... A tax haven is a place where certain taxes are levied at a low rate or not at all. ... First discussed by the Physiocrats in France, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. ... A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion of income), as opposed to a graduated, or progressive, scheme. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A progressive tax is a tax imposed so that the effective... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A regressive tax is a tax imposed so that the tax... 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A fuel tax (also known as a petrol tax, gasoline tax, gas tax or fuel duty) is a sales tax imposed on the sale of fuel. In the United States, the funds are often dedicated or hypothecated to transportation, or even roads, so that the fuel tax is considered by many a user fee. In other countries, the fuel tax is a source of general revenue. Not to be confused with Political economy. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ... For other uses, see Gold standard (disambiguation). ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ... This article is about budget deficits. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Government debt (also known as public debt or national debt) is... This article does not cite any references or sources. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... This article does not cite any references or sources. ... There are two basic financial market participant catagories, Investor vs. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. ... This article does not cite any references or sources. ... For other uses, see Bank (disambiguation). ... Fractional-reserve banking refers to a financial system in which some fraction of the deposits can be used to finance profitable but illiquid investments. ... Full-reserve banking is a theoretically conceivable banking practice in which all deposits, banknotes, and notes in a financial system would be backed up by assets with a store of value. ... Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. ... Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. ... A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ... For other uses, see Fuel (disambiguation). ... Hypothecation is a pledge of property as security for a debt without transfer of possession. ... People pay user fees for the use of many public services and facilities. ...

In most countries the fuel tax is not imposed on fuel which is not intended for transportation: fuel used to power agricultural vehicles, and or home heating oil which is identical to diesel. This creates an economic incentive for illegal use of fuel. This article is about the fuel. ...

Effects

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Because of the relatively inelastic nature of demand for petrol, in the short run the tax will be an effective source of revenue. In the long run, however, theory predicts that people adjust their consumption of petrol; that is, over a period of years, people will consume less as the price increases (by switching to more fuel-efficient cars, mass transit, consolidating trips, carpooling, or just traveling less). Thus, some environmentalists have advocated a fuel tax as a way to reduce reliance on fossil fuels. Image File history File links Question_book-3. ... In economics and business studies, the price elasticity of demand (PED) is an elasticity that measures the nature and percentage of the relationship between changes in quantity demanded of a good and changes in its price. ... Gasoline, as it is known in North America, or petrol, in many Commonwealth countries (sometimes also called motor spirit) is a petroleum-derived liquid mixture consisting primarily of hydrocarbons, used as fuel in internal combustion engines. ... The historic Blue Marble photograph, which helped bring environmentalism to the public eye. ...

In some regions of the world, differences in fuel taxes between countries result in a significant level of cross-border purchasing of motor fuel. This is particularly true in Europe, where large differences in fuel taxes, coupled with minimal or no border controls, encourage drivers to cross borders for the sole purpose of filling up their tanks with fuel. For example, petrol in Luxembourg is typically around 20% cheaper than in neighboring Belgium. Since both countries belong to the Schengen agreement, the border crossings are unmanned and almost unnoticeable, except for the large number of petrol stations on the Luxembourg side of the border. A similar situation exists along the Northern Ireland border where historically fuel prices were much lower in Northern Ireland but in recent years the situation has reversed. In Western Europe, it is mostly small countries and territories (e.g. Luxembourg, Andorra, Gibraltar) that enjoy lower fuel taxes. This is possible because the reduced tax revenue caused by a lower fuel tax is offset by disproportionate numbers of drivers from neighboring countries entering the small countries to pay the lower fuel tax. Most countries' customs regulations permit the duty-free import of the contents of a vehicle's built-in fuel tank, but there are exceptions. Singaporean customs officials check the fuel gauges of vehicles leaving Singapore and require that the fuel tank be at least three quarters full, in order to limit the amount of lower taxed fuel that Singaporean residents can buy during short trips to Malaysia. Recently, gas stations in Argentina near the Brazilian border list two different prices for gasoline, one for cars with Argentinian license plates and another one for foreign plates. This was done to restrict Brazilian drivers from buying cheaper fuel in Argentina, generating long lines at the gas stations and driving gas prices up. Gas stations on Interstates in New Jersey close to the New York border typically witness large volumes of sales from drivers taking advantage of the double cuts of less expensive fuel blend and lower fuel sales tax resulting in a significant savings over New York. Schengen Treaty members are in dark blue, while signatories (where it is not yet implemented) are in light blue. ... A map of Ireland showing the Republic of Ireland-United Kingdom border. ... Northern Ireland (Irish: , Ulster Scots: Norlin Airlann) is a constituent country of the United Kingdom lying in the northeast of the island of Ireland, covering 5,459 square miles (14,139 km², about a sixth of the islands total area). ... A typical rural stretch of Interstate highway, with two lanes in each direction separated by a large grassy median, and with cross-traffic limited to overpasses and underpasses. ... This article is about the U.S. state. ... This article is about the state. ...

Role in energy policy

Taxes on transportation fuels have been advocated as a way to reduce pollution and global warming, conserve energy, and for certain countries reduce dependence on imported oil for foreign policy reasons. Placing high taxes on fossil fuels makes alternative (and often less polluting) fuels such as biodiesel or electric batteries more attractive, and put price pressure on manufacturers and consumers to choose more fuel-efficient products and processes. Global warming refers to the increase in the average temperature of the Earths near-surface air and oceans in recent decades and its projected continuation. ... This article is about transesterified lipids. ...

Critics argue transportation fuel taxes are a regressive tax, because low-income people pay a higher proportion with respect to their income, and transportation (to work, school, etc.) is not always an avoidable expense. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A regressive tax is a tax imposed so that the tax...

Tax rates

Australia

The fuel tax system in Australia is very similar to Canada in terms of its double-dipping tax rates, but varies in the case of exemptions including tax credits and certain excise free fuel sources. Fuel taxes are handled by both the Federal and State Governments, including both an Excise Tax and a Goods and Services Tax or "GST". The tax collected is generally used to help fund national road infrastructure projects and repair roads, as well as provide extra revenue for other services. This article or section should be merged with tax credit Tax credits are credits on tax payable given by the government for specific reasons. ... An excise is an indirect tax or duty levied on items within a country. ... The GST (Goods and Services Tax) is a value added tax of 10% on most goods and services sold in Australia. ...

The Goods and Services Tax of 10% is charged and included in the price of all fuel purchases in Australia. The GST (Goods and Services Tax) is a value added tax of 10% on most goods and services sold in Australia. ...

The excise tax on commonly used fuels in Australia as of June 2006 are as follows:^{[citation needed]} June 2006 : ← - January - February - March - April - May - June - July - August - September - October - November - December- → Extraordinary renditions. ...

United States of America

The first U.S. state tax on fuel was introduced in February 1919 in Oregon.^[1] It was a 1 cent per U.S. gallon (0.3¢/L) tax. In the following decade, all of the U.S. states (48 at the time), along with the District of Columbia, introduced a gasoline tax. By 1939, an average tax of 3.8¢/gal (1¢/L) of fuel was levied by the individual states. The fuel tax in Texas is currently set at 20¢/gal since being raised to that amount in 1991. In May of 2007, the Texas House of representatives unanimously voted to pass a 'gas-tax relief' measure for the 2007 summer driving period. The measure was not passed by the state Senate. This article is about the U.S. state. ... ...

While state fuel taxes had been around for more than a decade, the first federal gasoline tax in the United States was created on June 6, 1932 with the enactment of the Revenue Act of 1932 with a tax of 1 cent/gal (0.3¢/L). The U.S. federal gasoline tax as of 2005 was 18.4¢/gal (4.86¢/L), and the gasoline taxes in the various states range from 10 cents to 33 cents, with an average about 22 cents per U.S. gallon (5.8¢/L), making the average combined tax on gasoline 42¢/gal. Unlike most goods in the U.S., the price displayed includes all taxes, rather than being calculated at the point of purchase. is the 157th day of the year (158th in leap years) in the Gregorian calendar. ... Year 1932 (MCMXXXII) was a leap year starting on Friday (the link will display full 1932 calendar) of the Gregorian calendar. ... The Revenue Act of 1932 raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ...

The head of the U.S. Dept. of Transportation stated on 15 August 2007 that about 60% of federal gas taxes are used for highway and bridge construction. The remaining 40% goes to other, unrelated uses.^[2] However, revenues from other taxes is also used in federal transportation programs.

For the first quarter of 2008, the average state gasoline tax is 28.6 cents per gallon, plus 18.4 cents per gallon federal tax making the total 47 cents per gallon. For diesel, the average state tax is 29.2 cents per gallon plus an additional 24.4 cents per gallon federal tax making the total 53.6 cents per gallon.^[3]

US Aviation Fuel Taxes (Federal Excise Tax)

Aviation gasoline (most often used to fuel small General Aviation aircraft, such as the Cessna 172) is taxed at 19.4 cents per gallon as of 2007.[1] Legislation is currently pending to raise this tax to 24.2 cents per gallon.[2] Cessna 172RG 1964 Cessna 172E 1965 Cessna F172G 1971 Cessna 172 The early Cessna 172 Skyhawks had no rear window and featured a square fin design, like this 1957 model 1977 Cessna 172XP 1977 Cessna 172M Cessna 172R Panel of C-GLFC The Cessna 172 Skyhawk is a four-seat...

Jet fuel (called "kerosene for aviation" by the IRS) is taxed at 21.9 cents per gallon for the 2007 tax year unless it is used for commercial aviation (i.e. airlines such as American Airlines and US Airways, and small commercial jets commonly chartered by entertainers, politicians, and business VIP’s). Such commercial operations qualify them for a special tax break that allows them to pay only 4.4 cents per gallon.[3] A bill has been introduced by Sen. Jay Rockefeller (D-W.Va.) and Sen. Trent Lott (R-Miss.) that would completely eliminate the tax paid by commercial jets, while more than doubling the tax on non commercial jet fuel users to 49 cents per gallon.[4] John Davison Rockefeller IV (born June 18, 1937), generally known as Jay Rockefeller, has served as a Democratic U.S. Senator from West Virginia since 1985. ... Chester Trent Lott Sr. ...

These taxes mainly fund airport and Air Traffic Control operations by the FAA, of which commercial aviation is the biggest user. (In 2007-08, Rockefeller received $14,000 from lobbyists supported by the airline industry - who presumably favor a tax reduction - and $5,000 from from lobbyists that oppose increases in fuel taxes. In 2006-07, Lott received $13,000 from lobbyists supported by the airline industry and $5,000 from lobbyists that oppose increases in fuel taxes.[5])

See also

• Carbon tax

A carbon tax is a tax on energy sources which emit carbon dioxide into the atmosphere. ...

References

External links

• Excise Tax Rates in Australia
• Oil and Gas Prices, Taxes and Consumers (Canada)
  • Includes Price Components of Gasoline, Government Tax Rates and Revenues, and International Price and Tax Comparisons.
• Fuel tax in the United Kingdom
• History of the gas tax in the United States
• International Fuel Prices 2007 with diesel and gasoline prices of 172 countries and information on fuel taxation for state financing