The Bandala System was a system implemented by Spanish authorities in the Philippines that required native Filipino farmers to sell their goods to the government. The farmers were not in favor of this system and were not even offered fair market prices for their crops.Know More
When Spain began to colonize the Philippines, the land was split into parcels and divided among dignitaries and distinguished officers of the military. Parcel owner's were required to care for the native inhabitants of his land, providing for their well-being and protection. Within a short time, abuses became apparent and it was discontinued in favor of a new system in which the natives were required to pay taxes, or a “tribute”, to the government.
Filipinos were forced to endure other unfair practices, such as forced labor, which was required for all Filipinos from age 16 to age 60. The work included building roads, clearing trees, and building shipyards. The only way to avoid labor was to pay a fee to the government, called "falla."
Policies and practices like the Bandala System, polo, and tribute taxation oppressed the natives of the Philippines for many years as the local Spanish government officials became richer and more successful.Learn more about Taxes
A Harmonized Tariff Schedule is a hierarchical and standardized system of imposing tariffs on imported goods. The Harmonized Tariff Schedule of the United States uses the Harmonized Commodity Description and Coding System established by the World Customs Organization and is updated regularly, most recently in July 2015.Full Answer >
According to Investopedia, a tariff is a tax placed on imported goods, while a quota limits the amount of a good that can be imported over a specified period of time. The price typically increases under both a tariff and a quota.Full Answer >
The Internal Revenue Service's Publication 561 provides guidelines for determining the fair market value of donated goods, but it does not give specific prices for items. This document is available on the IRS website.Full Answer >
The biggest pro when it comes to tariffs is that domestic goods are made more attractive because the tariff raises the prices of imported goods. The largest con, however, is that the higher prices for imported goods are passed on to domestic consumers, costing them more for those goods.Full Answer >