Lecture-9-Public+Revenue+ppp

The mode and timing of tax payment should be so far

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: and timing of tax payment should be so far as possible convenient to tax payer. so This canon recommends that unnecessary trouble to tax payer should be avoided, otherwise various ill effect may result. Besides these, there are other canons as well. 20 Canons of Taxation Canon of Productivity: According to this principle the tax system should be able to yield enough revenue for the treasury and the government should not be forced for deficit financing. deficit Canon of Elasticity: Tax system should be possible from Tax the authority without delay, to revise the tax structure, both with respect to its coverage and rates, to suit the changing requirements of the economy and treasury. requirements Canon of Simplicity: Tax system should not be Tax complicated and difficult to administer and understand. complicated 21 Theories of Taxation 1. Physiocratic Theory: According to this theory, only land is capable of producing a net surplus. Agriculture is only the productive sector and should be : taxed. taxed. 2. Ex...
View Full Document

This note was uploaded on 02/11/2014 for the course MANA 2028 taught by Professor Sisterennis during the Winter '12 term at Marquette.

Ask a homework question - tutors are online