MANAGEMENT

Detailed explanation-1: -Some of the most important principles or characteristics of a good tax system are as follows: 1. Productivity or Fiscal Adequacy 2. Elasticity of Taxation 3. Diversity 4.

Detailed explanation-2: -Tax fairness means different things to different stakeholders. In general, tax fairness could be understood as the effectiveness of public policy design in reconciling taxation objectives with economic and societal objectives and ensuring tax costs are distributed fairly in society.

Detailed explanation-3: -The idea of a progressive income tax-that is, that people with the ability to pay more should pay a higher percentage of their income-is centuries old. In fact, it was espoused by none other than Adam Smith, considered the father of economics, in 1776.

Detailed explanation-4: -equity of taxation. noun [ U ] TAX. us. the principle that people should pay an equal amount of tax according to their income and ability to pay.