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 ECONOMIC
DEVELOPMENT

Taxation is the system where a government collects money from

individuals and businesses to fund public services and infrastructure. It is
essential for economic growth, as it provides the money needed for
services like roads, schools, and hospitals. Effective taxation policies can
help distribute wealth more fairly, reduce income inequality, and support
social programs. Additionally, tax incentives can encourage investments,
promote entrepreneurship, and support important industries, boosting the
economy further.
 ECONOMIC
DEVELOPMENT
Devolution is the handing over of authority to a subordinate body, particularly by the national government to the
local or regional administration (Oxford Dictionary). It is an approach or a system where it hands power to the
local government to govern their region for the equal distribution of opportunities within the country.
Opportunities are both goods and services, goods like relief goods, water supply, and others, and services like
education, health services, security, building infrastructure, funding, and others. With this approach, it gives way
for the government to circulate the funds of the country to all the regions; it has the power to properly
allocate the funds to build and fix all societal problems through projects towards sustainable development; and it
offers an opportunity to all men in the country to have the path to gain power or a significant influence
towards economic growth. If this approach was properly executed, the opportunities for three main sectors,
such as agriculture, service, and industry, would be equal, giving way for freedom from discrimination within the
three sectors and increasing exports and decreasing imports that would lead to a "kaizen", or a consistent
growth of the economy.
Local government finance involves the strategic management of financial
resources to fund public services and infrastructure projects. Through
revenue generation and prudent financial planning, local authorities support
economic development and investing in local infrastructure. This can
contributes to the country's economic independence and competitiveness.
Additionally, collaborating with different stakeholders such as in private
sector can also strengthen the economic development.
ECONOMIC
DEVELOPMENT
 DEVOLUTION
Taxation is the practice of collecting taxes from citizens based on their
earnings and property. The money collected from the taxes of the people
supports the government and allows it to fund its expenditures such as
improvements, funding of school, hospitals, maintaining roads, along with
many other services. Taxation plays a significant role in devolution because
it allows the government to earn money which will allow it to give equal
distribution of resources, increased production of goods and services,
increased employment, public participation and development of
marginalized regions.
Local government finance involves the strategic management of financial
resources to fund public services and infrastructure projects. Through
revenue generation and prudent financial planning, local authorities support
economic development and investing in local infrastructure. This can
contributes to the country's economic independence and competitiveness.
Additionally, collaborating with different stakeholders such as in private
sector can also strengthen the economic development.