Tax policy refers to the principles and rules that govern how a government collects and manages taxes. It encompasses the strategies and decisions made by a government regarding taxation levels, structures, and compliance to achieve economic goals, fund public services, and redistribute wealth. Tax policies address various types of taxes, including income tax, corporate tax, property tax, and sales tax, among others. They are shaped by economic objectives, social considerations, and political contexts, influencing factors such as economic growth, equity, and efficiency. Tax policy can also involve the design of tax incentives, deductions, credits, and enforcement mechanisms, all of which affect taxpayer behavior and overall revenue generation.
East Renfrewshire Council raises council tax by 8% to address a £7 million budget gap. The increase is expected to generate £5.4 million to sustain essential services in education, health,…