By canons of taxation we simply mean the characteristics or qualities which a good tax system should possess. Canons of Taxation: Canons of taxation refer to the administrative aspects of a tax. They relate to the rate, amount, method of levy and collection of a tax. 1. (2) Canon of Certainty: This canon of taxation suggests that the tax which an individual has to pay, should be certain and not arbitrary. Canons/Principles of Taxation By Adam Smith: Adam smith, the father of modem political economy, has laid down four principles or cannons of taxation in his famous book "Wealth of Nations". In fact, canons of taxation are related to the administrative part of a tax.
Adam Smith first devised the principles or canons of taxation in 1776. Learn more about taxation in this article.
It should be certain to the lax payer how much tax he has to pay, to whom and by what time the tax is to be paid. These principles are still considered to be the starting point of sound public finance. In the following article, you will read the 9 canons of taxation that are most commonly discussed and used. ADVERTISEMENTS: Canons of Taxation and Equity in Taxation! Taxation, imposition of compulsory levies on individuals or entities by governments. ADVERTISEMENTS: In other words, the characteristics or qualities which a good tax should possess are described as canons […]
Adam Smith originally presented only 4 canons of taxation, which are also commonly referred to as the ‘Main Canons of Taxation’ or ‘Adam Smith’s Canons of Taxation’.Along with the passage of time, more canons were developed to better suit the modern economies. The place and other procedural information should also be clear. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well.
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