•‘Taxes are what we pay for a civilized
society’ (Justice Holmes)
•Taxation
:
•Avenue
for government to raise funds to finance public expenditures, such as
healthcare, education and national defence.
•Principal
means by which governments can attempt to redistribute of income and wealth in
building a civilized society through various social allocations.
•It
then redistributed amongst the public in such a way to build public amenities,
and to provide support to pensioners, the unemployed, the sick & the
welfare beneficiaries.
•Taxation
acts a tool of good governance, allowing economies to grow while helping to
improve society as a whole.
•Moreover,
taxation also used to broader socio-economic purpose (for e.g. to maximize
economic stability in order to reduce inflation, unemployment, etc.)
•Therefore,
it is meant for revenue, growth and equity.
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