By February 1, 2019 No Comments

Principally, tax legislation is designed and implemented for generating revenue for Government Expenditures and to meet the deficit of the country. Government achieve following objectives by levying taxation:

  1. Collection of revenue for the administrative expenses of the Government.
  2. Government spent the surplus of collected revenue on the poor to maintain a balance in distribution of wealth.
  3. For implementation of policies and procedures, Tax implication helps the Government in multiple ways.
  4. Removal of current account deficit by increasing taxation rates on the imports and providing leverage to those whose export.
  5. Taxation systems play an important role in the negotiation of trade matters with the other countries.
  6. Taxation system of a country holds a power to control the inflation or depression of the country.
  7. Revenue collected via taxation system allows a Government to promote science and invention within the country.
  8. It also helps in building infrastructure within the country.
  9. Tax revenues also promote financial educational activities and maintain or improve the efficiency of local forces.
  10. It also assists in eliminating inequalities in distribution of wealth within the society.

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