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TAXATION notes
1. Introduction 1.1 Concept and objectives of taxation Taxation is the process of imposing compulsory levies on individuals or entities by governments. Taxes are collected to raise revenue for government expenditures, such as public works, infrastructure, education, healthcare, and social welfare programs. The design and implementation of tax systems is a complex process that involves balancing a number of competing objectives. Governments must strive to create tax systems that are fair, efficient, and effective in raising revenue. The primary objective of taxation is to raise revenue for government expenditures. However, taxation can also be used to achieve other objectives, such as: · Redistributing wealth and income: Taxes can be used to redistribute wealth from the rich to the poor, through progressive tax structures. · Correcting market failures: Taxes can be used to correct ...
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