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Tax relief
Characteristics or canons of taxation
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[QUOTE="yaksalfem, post: 323890, member: 92937"] [B]A good tax system has to fulfill the following characteristics[/B]: (a) The distribution of tax burden should be equitable such that every person is made to pay his ‘fair share’. This is known as the ‘fairness’ criterion which focuses on two principles :Horizontal equity — equals should pay equal taxes; and vertical equity — unequal should pay unequal taxes. That is to say, rich people should pay more taxes; (b) Equity must not hamper productive efficiency such that burdens should be provided to correct inefficiencies. This ‘efficiency’ criterion says that it should raise revenue with the least costs to the taxpayers so that tax system can allocate resources without distortion; (c) The two other criteria are: ‘flexibility’ and ‘transparency’; (d) A good tax system demands changes in tax rates whenever circumstances change in the system. Furthermore, it must be transparent in the sense that taxpayers should know what they are paying for the services they are getting; and (e) A good tax system is expected to facilitate the use of fiscal policy to achieve the goals of stability and economic growth. For the attainment of these goals, there must be built-in flexibility in the tax structure. [/QUOTE]
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