The mechanisms of taxation of natural resources and property in developing and developed nations

Abstract

The governmental revenue essentially depends on taxation and it uses the collected tax for developmental purposes. In this paper, the mechanisms of taxation of natural resources and property in developed and developing nations are discussed in detail. The main types of tax and subsidy instruments used for natural resources and objectives of resources taxation will be analyzed in detail. Additionally, this paper will shed light on taxation of property and its criteria. Lastly, the practicality of reforms relating to property taxing and resources for effective property tax will be explained.