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CH12 Taxation - Coggle Diagram
CH12 Taxation
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Cannons of fair system
Taxes should be:
equitable,
certain,
Convenient,
economical
Functions:
Finance gov activities,
achieve econ objectives,
redistribute national wealth,
automatic stabiliser,
social objectives,
promote enterprise
Principles
Not be a disincentive,
Assist redistrution of income,
rates consistent,
aid in achievement of national economic objectives,
stabilising influence,
evasion not possible
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Social welfare: transfer payments to individuals for which no factor of production has been provided