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These are the basic principles or elements or qualities expected in or of a country'stax system. Classical economist and physiocrats (as opposed to the mercantilists) Such as Adam Smith, J.S Mill and J.B Say propounded the following eight principles of a good tax system listed below:-
*} Equality:- a good tax system should be fair to all taxpayers. Everyone should be made to pay his "fair" share.
*} Economical:-
*} Certainty:-
*} Convenience:-
*} Neutrality:-
*} Flexibility:-
*} Equality:- a good tax system should be fair to all taxpayers. Everyone should be made to pay his "fair" share.
*} Economical:-
*} Certainty:-
*} Convenience:-
*} Neutrality:-
*} Flexibility:-