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Home Public Revenue and Taxation Essentials of a Good Tax System

Essentials/Features/Characteristics of a Good Tax System:

 

After discussing the principles of taxation, it is now easy for us to sum up the essentials of a good tax system. They, in brief, are as follows:

 

First, a good tax system should lead to fair and equal distribution of wealth in the community.

 

Second, it should be composed in such a way that it yields sufficient revenue to the government.

 

Third, the cost on collection of taxes should not be excessive.

 

Fourth, the burden of taxes should be distributed in proportion to the ability of the tax-payer, i.e., it should be progressive in character.

 

Fifth, taxes should he levied at such a time or in the manner which is most likely to be convenient for the tax-payer to pay it.

 

Sixth, tax system should be fairly elastic.

 

Seventh, there should be certainty with regard to the time and the amount to be paid to the government.

 

Eighth, the system of taxation should be fairly simple, It should also be easy to administer.

Relevant Articles:

Sources of Public Revenue
Types of Taxes
Canons/Principles of Taxation By Adam Smith
Essentials/Features/Characteristics of a Good Tax System
Theories of Taxation
Proportional Versus Progressive Taxation
Taxable Capacity
Impact and Incidence of Taxation
Direct Tax and Indirect Tax
Diffusion Theory of Taxation
 

Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Rent
Wages
Interest
Profits
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance
History of Money

 

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