Principles of Sound Tax Policy As a nonpartisan, educational organization, the Tax Foundation has earned a reputation for independence and credibility. Taxation - Taxation - Principles of taxation: The 18th-century economist and philosopher Adam Smith attempted to systematize the rules that should govern a rational system of taxation. Explain the principles of taxation; ii. Come let us reason together. ; Understandable - The system should not be incomprehensible … The range of economic principles, which taxation is based on, and the content of which is currently debated in scientific circles, is as follows: proportionality (taxability), cost-effectiveness of taxation, fiscal sufficiency, economic basis of tax, economic justification for tax. The most important source of government revenue is tax. Simplicity Tax codes should be easy for taxpayers to comply with … principles of taxation 1. Principles of a Good Tax System []. Thus, this calls for the government to derive a good tax system to fix the needs of both the country and society.
In The Wealth of Nations (1776), Adam Smith argued that taxation should follow the four principles of fairness, certainty, convenience and efficiency. Plus, there are a lot of benefits of taxation which helps in improving a country economic system. Principles of Taxation for Business and Investment Planning focuses on the role taxes play in business and investment decision, presenting the general roles of taxation and discussing its implications for all tax-paying entities before delving into a specific exception. Benefits of Taxation. It then provides an overview of the principles underlying corporate income tax, focusing primarily on the taxation … taxation principles: Basic concepts by which a government is meant to be guided in designing and implementing an equitable taxation regime. A tax is a compulsory payment made by individuals and companies to the government on the basis of certain well-established rules or criteria such as income earned, property owned, capital gains made or expenditure incurred (money spent) on domestic and imported articles. We explain below the characteristics and principles of a good tax system, especially in the context of the developing countries: 1. Efficient - A tax system should raise enough revenue such that government projects can be adequately sponsored, without burdening the economy too much (not particularly the tax payer), as not to become a disincentive for performance (internal and external investment, work returns and savings). PRINCIPLES OF TAXATION 2.
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