Revenue yield: From the standpoint of government, the total revenue that a tax yields is of considerable importance. The time of payment, the number of payment and the amount to be paid should be clear and plain to the tax payer. Certainty: The tax should be certain and clear to everybody concerned. For example, an import duty should be duly paid as the imported goods arrive the country. Convenience: A tax should be convenient as to form, time and place of payment. Economy: The principle states that the cost of tax collection should be cheap relative to the revenue yield. Tax payment has age limit, e.g people must attain certain age level before they can pay tax. Tax on the other hand is defined as a compulsory levy imposed on government or its agency on individuals and firms or on goods and services. Taxation may be defined as the act or method of imposing a compulsory levy by the government or its agency on individuals and firms or on goods and services. State the merits and demerits of each type of tax.Explain five reasons why Government Impose taxes,.Learning Objectives: By the end of the lesson, the learners should be able to Welcome ! Our Economics Lessons Continues! Do have a pleasant moment studying with us. This implies that tax revenue should be raised without causing undue hardship to the tax payer. Equity or ability to pay: People should be made to pay tax according to their abilities. Tax payment has age limit, e.g people must attain certain age level before they can pay tax.Īdam Smith in his book Wealth of Nation has laid down certain principles of a good tax system which he called canons of good tax system. Tax is meant for the general welfare of everybody. It is levied by the government or its agency It is a compulsory levy that must be paid by individuals or corporate bodies. To get your MySchool supporters card please go to - don’t forget to register Rhodes University as your beneficiary.Economics lesson note Concept Of Taxation: Economics Lesson Note
To read more about MySchool please go to THANK YOU FOR TAKING THE TIME TO FIND OUT MORE ABOUT THIS PROJECT This is not a donation service, but a true partnership between schools and business partners. The supporter card is not a debit or credit card but serves as a measure through which valuable supporter data, such as transactions and funds raised for a particular school, are tracked. All these transactions are recorded and a statement is sent to individual supporters on a monthly basis. A small percentage of their transaction is then allocated to their beneficiary school.
Supporters use their MySchool supporter cards whenever they transact with one of the MySchool business partners. MySchool effectively facilitates support on behalf of a range of business partners who have a specific interest in education. This is not a donation service, but a true partnership between beneficiaries and MySchool business partners. MySchool is South Africa's foremost community support programme and gives Old Rhodians in South Africa a vehicle through which to make a meaningful contribution to the Old Rhodian Bursary Fund.
Any money raised through this partnership will be channelled through the Old Rhodian Union into the bursary fund for children and grandchildren of Old Rhodians. Rhodes University has been registered as a beneficiary of MySchool.
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