A fundamental way for nations to generate public revenues that enable them to support investments in human capital, infrastructure, and the provision of services for citizens and businesses is through the collection of taxes and levies.
In order to make growth equitable and sustainable, taxes are a critical component. Tax payment facilitation boosts competitiveness. Overly complex tax systems have been associated with sizable informal economies, high rates of tax evasion, increased corruption, and poor investment levels. The goal of modern tax systems should be to maximise tax revenue while reducing taxpayer compliance costs.
The fairness and equity of the tax system must be ensured. Governments must strike a balance between maintaining a fair and equitable tax system and achieving objectives like improved revenue mobilisation, sustainable growth, and lower compliance costs.
The relative taxes of the rich and the poor, corporate and individual taxpayers, urban and rural areas, formal and informal sectors, and labour are all fairness factors.
To know more about 'tax' related questions
visit- https://brainly.com/question/11447966
#SPJ4
