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QUESTION 1 Tax revenue is a major source of government income and some governments are [25 MARKS] tempted to increase the tax rates so that they can earn more income. (a) Outline why governments levy taxes on companies and individuals. Marks) (15 (b) Discuss the implications of high tax rates Marks) QUESTION 2 (a) State any four (4) objectives of taxation. (10 [25 MARKS] (4 marks) (b) Do you think it is a good idea for the government of Namibia to tax the informal sector? Support your answer with relevant facts. Marks) (15 (c) What do you think the government of Namibia can do to widen the tax net in the country? Marks) END TOTAL MARKS [50] (6

QUESTION 1 Tax revenue is a major source of government income and some governments are [25 MARKS] tempted to increase the tax rates so that they can earn more income. (a) Outline why governments levy taxes on companies and individuals. Marks) (15 (b) Discuss the implications of high tax rates Marks) QUESTION 2 (a) State any four (4) objectives of taxation. (10 [25 MARKS] (4 marks) (b) Do you think it is a good idea for the government of Namibia to tax the informal sector? Support your answer with relevant facts. Marks) (15 (c) What do you think the government of Namibia can do to widen the tax net in the country? Marks) END TOTAL MARKS [50] (6

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 1 Tax revenue is a major source of government income and some governments are [25 MARKS] tempted to increase the tax rates so that they can earn more income. (a) Outline why governments levy taxes on companies and individuals. Marks) (15 (b) Discuss the implications of high tax rates Marks) QUESTION 2 (a) State any four (4) objectives of taxation. (10 [25 MARKS] (4 marks) (b) Do you think it is a good idea for the government of Namibia to tax the informal sector? Support your answer with relevant facts. Marks) (15 (c) What do you think the government of Namibia can do to widen the tax net in the country? Marks) END TOTAL MARKS [50] (6
Transcribed Image Text:QUESTION 1 Tax revenue is a major source of government income and some governments are [25 MARKS] tempted to increase the tax rates so that they can earn more income. (a) Outline why governments levy taxes on companies and individuals. Marks) (15 (b) Discuss the implications of high tax rates Marks) QUESTION 2 (a) State any four (4) objectives of taxation. (10 [25 MARKS] (4 marks) (b) Do you think it is a good idea for the government of Namibia to tax the informal sector? Support your answer with relevant facts. Marks) (15 (c) What do you think the government of Namibia can do to widen the tax net in the country? Marks) END TOTAL MARKS [50] (6
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