Government Finance Statistics Manual 2014

Glossary 417

Taxes on capital gains Taxes on capital gains consist of taxes on the capital gains (including capital gain
distributions of investment funds) of persons or corporations that become pay-
able during the current reporting period, irrespective of the periods over which
the gains have accrued ..............................................................................................5.41

Taxes on fi nancial and capi-
tal transactions

Taxes on fi nancial and capital transactions are taxes levied on the change in own-

ership of property, except those classifi ed as gift s, inheritance, or estate transac-

tions .............................................................................................................................5.61

Taxes on goods and services Taxes on goods and services are taxes that become payable as a result of the pro-
duction, sale, transfer, leasing, or delivery of goods and rendering of services, or
as a result of their use for own consumption, or own capital formation ...........5.55

Taxes on income, profi ts,
and capital gains

Taxes on income, profi ts, and capital gains consist of taxes assessed on the actual

or presumed incomes of institutional units ...........................................................5.41

Taxes on individual or
household income

Taxes on individual or household income consist of personal income

taxes, including those deducted by employers (pay-as-you-earn taxes), and

surtaxes .......................................................................................................................5.41

Taxes on international trade
and transactions

Taxes on international trade and transactions are taxes that become payable when

goods cross the national or customs frontiers of the economic territory, or when

transactions in services exchange between residents and nonresidents ............5.83

Taxes on payroll or
workforce

Taxes on payroll or workforce are taxes payable by enterprises assessed either as

a proportion of the wages and salaries paid or as a fi xed amount per person em-

ployed ..........................................................................................................................5.45

Taxes on property Taxes on property are taxes payable on the use, ownership, or transfer of
wealth ..........................................................................................................................5.46

Taxes on specifi c services Taxes on specifi c services are levied on payments for specifi c services .............5.69

Taxes on the income of
corporations

Taxes on the income of corporations consist of corporate income taxes, corporate

profi ts taxes, corporate surtaxes, etc. ......................................................................5.41

Taxes on use of goods and
on permission to use goods
or perform activities

Taxes on use of goods and on permission to use goods or perform activities are

fees levied for the issuance of a license or permit that are not commensurate with

the cost of the control function of government .....................................................5.72

Taxes on winnings from lot-
teries or gambling

Taxes on winnings from lotteries or gambling are taxes payable on the amounts

receivable by winners ................................................................................................5.41

Total gross debt Total gross debt—oft en referred to as “total debt” or “total debt liabilities”—
consists of all liabilities that are debt instruments. A debt instrument is defi ned
as a fi nancial claim that requires payment(s) of interest and/or principal by the
debtor to the creditor at a date, or dates, in the future .......................................7.236

Transaction A transaction is an economic fl ow that is an interaction between institutional units
by mutual agreement or through the operation of the law, or an action within an
institutional unit that is analytically useful to treat like a transaction, oft en because
the unit is operating in two diff erent capacities ...................................................... 3.5

Transfer A transfer is a transaction in which one institutional unit provides a good, service,

or asset to another unit without receiving from the latter any good, service, or

asset in return as a direct counterpart ....................................................................3.10