Revenue 93
- Payments earmarked for social security schemes,
which are classifi ed as social security contribu-
tions (121) - Taxes paid by the employees themselves out of
their wages or salaries, which are classifi ed as
taxes on income, profi ts, and capital gains, pay-
able by individuals (1111).
Taxes on property (113)
5.46 Taxes on property (113) are taxes payable on
the use, ownership, or transfer of wealth. Th e taxes
may be levied at regular intervals, one time only, or
on a change in ownership.
5.47 Taxes on the ownership or use of specifi c types
of property oft en are based on the value of the prop-
erty at a particular time but, when using the accrual
basis of recording, are deemed to accrue continuously
over the entire year, or the portion of the year that
the property was owned, if less than the entire year.^19
Taxes on the transfer of wealth are recorded at the
time of the transfer, and some taxes on the ownership
or use of property are recorded at a specifi c time, such
as a one-time tax on net wealth. When using the cash
basis of recording, these property taxes are recorded
when the cash is received.
5.48 Taxes on property are divided into fi ve cat-
egories: (i) recurrent taxes on immovable property;
(ii) recurrent taxes on net wealth; (iii) estate, inheri-
tance, and gift taxes; (iv) capital levies; and (v) other
recurrent taxes on property.
5.49 Recurrent taxes on immovable property (1131)
cover taxes levied regularly on the use or ownership of
immovable property, which includes land, buildings,
and other structures. Th e taxes can be levied on pro-
prietors, tenants, or both. Th e amount of the taxes is
usually a percentage of an assessed property value that
is based on a notional rental income, sales price, capi-
talized yield, or other characteristics, such as size or
location. Unlike recurrent taxes on net wealth (1132),
liabilities incurred on the property are usually not
taken into account in assessment of these taxes.
5.50 Recurrent taxes on net wealth (1132) cover
taxes levied regularly on net wealth. Net wealth is usu-
(^19) In compiling high-frequency GFS, the application of the accrual
basis of recording would require the distribution of the tax receiv-
able throughout the whole period of the taxable ownership (see
paragraph 3.84).
ally defi ned as the value of a wide range of movable
and immovable property minus liabilities incurred on
that property.
5.51 Estate, inheritance, and gift taxes (1133)^20
cover taxes on transfers of property at death and on
gift s, including gift s made between living members of
the same family to avoid, or minimize, the payment
of inheritance taxes. Taxes on the transfer of property
at death include estate taxes, which are usually based
on the size of the total estate, and inheritance taxes,
which may be determined by the amount received by
benefi ciaries and/or their relationship to the deceased.
5.52 Capital levies (1135)^21 cover taxes on the val-
ues of the assets or net worth owned by institutional
units levied at irregular and very infrequent intervals
of time. Capital levies are recorded as exceptional
both by units concerned and by the government. Th ey
may be payable by households or enterprises. Th ey in-
clude taxes on net wealth levied to meet emergency
expenditures or to eff ect a redistribution of wealth;
taxes on property, such as betterment levies, that are
taxes on the increase in the value of agricultural land
due to planning permission being given by govern-
ment units to develop the land for commercial or resi-
dential purposes; taxes on the revaluation of capital;
and any other exceptional taxes on particular items
of property.
5.53 Other recurrent taxes on property (1136)
include all recurrent taxes on property other than
immovable property or net wealth. Th is category
includes recurrent gross taxes on personal property,
jewelry, cattle, other livestock, other particular items
of property, and external signs of wealth. Taxes on the
use of particular types of movable property, such as
motor vehicles and guns, are classifi ed in taxes on use
of goods and on permission to use goods or perform ac-
tivities (1145).
(^20) Estate, inheritance, and gift taxes (1133) are one of the two
categories of taxes that are considered to be capital taxes in the
2008 SNA. Th e other category is capital levies (1135). Capital taxes
are taxes levied at irregular and very infrequent intervals on the
values of the assets or net worth owned by institutional units or
on the values of assets transferred between institutional units as a
result of legacies, gift s, or other transfers.
(^21) To maintain consistency with codes used in the GFSM 2001,
this code does not follow directly the code of the previous cat-
egory of taxes. Taxes on capital and fi nancial transactions (1134 in
the GFSM 2001) were reclassifi ed as 11414, one of the categories
of taxes on goods and services (114), to improve consistency with
the 2008 SNA.