A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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• Fiscal Adequacy - sources of revenue should be sufficient to meet the
demands of public expenditure.
●
BASIC PRINCIPLES OF
A SOUND TAX SYSTEM
●
Equality or theoretical Justice tax burden should be in proportion to
the taxpayer's ability to pay. (Ability-To-Pay Principle)
-
Administrative Feasibility tax laws should be capable of convenient,
just and effective administration.
-
A) Which do you think is the most
important among the three inherent powers of
the state? Why?
B) If a tax law violates one of the three principles
of sound tax system, is it necessarily null and
void? Explain your answer.
Transcribed Image Text:• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
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