Explain five principles of taxation

Answer:

-Diversified: should be diversified so that it meets revenue requirements of the country and also line with principle of equality
-Flexible:Should be able to change in accordance to changes in national income
-Elastic:Should allow government to increase revenue as need arises
-Economic:Cost of administering should be low than revenue collected
-Convinient: should be convenient to both contributor and collector
-Equitable: good tax system should ensure that there is fairness in payment of tax

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