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Tax relief
Canons of taxation
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[QUOTE="yaksalfem, post: 323888, member: 92937"] Canon of productivity According to a well-known classical economist in the field of public finance, Charles F. Bastable, taxes must be productive or cost- effective. This implies that the revenue yield from any tax must be a sizable one. Further, this canon states that only taxes that do not hamper productive effort of the community should be imposed. tax is said to be a productive one only when it acts as an incentive to production. (f) Canon of elasticity Modern economists attach great importance to the canon of elasticity. This canon implies that a tax should be flexible or elastic in yield. It should be levied in such a way that the rate of taxes can be changed according to exigencies of the situation. Whenever the government needs money, it must be able to extract as much income as possible without generating any harmful consequences through raising tax rates. Income tax satisfies this canon. [/QUOTE]
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