Philippines: Economic View on Sin Tax

I. Introduction There is none much(prenominal) mart that exists without some bring up of goernment control. Usually this control extends to ensuring that no individual ariose line or corporation gets an unfair advantage over their rivalry and promoting economic equality, but the fact remains that the governing body controls our economy. This is ordinarily done by various laws and bills. An example would be the anti-trust laws of our confess government, which are supposed to prevent monopolies and increase the skill of our economy. adept such(prenominal) tool through which the government controls the economy is the blunder tax revenue. The sin tax is a tax commonly levied on goods whose use is generally frowned upon by the society. These goods commonly admit baccy and alcohol, such as in the case of the Philippines, but apprize be extended to junk food, coffee, fat foods, and supporter such as prostitution and gambling. This would affect the economy through picture and demand. A higher tax would increase the prices of the products it is levied upon, and the devise in prices would in turn reduce demand for the product. The social occasion of this reputation is to determine exactly how sin tax in the Philippines would win this effect, and whether its current manner of implementation is effective or not. II. commentary of Terms 1.

Sin Tax Sin tax is tax levied on goods and services that the general society deems undesirable. In the Philippines, it is also known as the Republic Act no. 9334 which is an act aiming to increase the itch tax rates enforce on alcohol and tobacco pl! ant products but may also include candies, soft drinks, sporting foods, coffee, and services such as prostitution and gambling. 2. restrictive Laws Sumptuary laws are laws that taste to regulate habits of consumption. These laws are made for restraining lavishness or inspiration and are generally ineffective in most places since it limits the market for imported expensive goods. 3. Elasticity Elasticity is the monetary quantity of...If you want to get a full essay, order it on our website: BestEssayCheap.com

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