A good tax system should possess characteristics such as: 1. Its burden should fall on the broadest shoulders. Taxes are thus said to be automatic stabilisers in an economy, since they prevent incomes rising too fast in times of high demand, and prevent incomes falling too fast in times of low demand.

Characteristics of a Good Tax System (1) Tax is a Compulsory Contribution.

At present in Ireland marginal income tax rates are so high, and social welfare so generous, that there is no incentive to work. Leaving Cert Economics: The Government And The Economy – Fiscal Policy. A good tax needs to be collectable. Characteristics of good taxation system- Direct tax and indirect taxes. Features of a Good Tax System. In a good tax system, the allocation of taxes among tax payers is made according to the ability to pay. (c) Customs duties: (12:5%). 1. You may also like:

This is a form of taxation which involves the fixing of pre-paid stamps to legal and commercial documents. Ireland’s current corporation tax of 12:5% (and even below) is very important in attracting foreign direct investment.

Tax rates should be fair: every person should pay according to his/her ability to pay. Everyone should be able to work out his/her tax liability. Fund of taxation should be used to finance public service.

A tax system should be stable. A good tax system should consist of taxes which conform to the canons of taxation discussed above. (d) High rates discourage investment. It should ensure maximum social advantage. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. 3. The payment of taxes should be convenient for the taxpayer. Features of a Good Tax System. Your IP: 85.214.143.63 The incidence of a tax: refers to the individual, company, good or service on which the tax eventually rests. A proportional tax: is one which takes the same percentage in tax from everyone.

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Important Characteristics of a Good Tax System!

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Terms in this set (6) Features of a Good Tax System. (c) Capital gains tax:

These are taxes on goods which are imported into the country.
he/she purchased it. A good tax system should not discourage investment. India has a well developed taxation structure.


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