Principles of an efficient tax system.Equitable – tax burden should be distributed equitably.
Certain – amount, time and manner of payment should be clear.
Convenient – to both contributor and the collector.
Economical – cost of collecting taxes should be lower than the amount to be collected.
Elastic – the system allow government to increase revenue as need arises.
Flexible – capable of changing to suit prevailing economic conditions.
Diversified – allow the contributions of all sectors of the economy.
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