Question

When the tax rate
5. Explain the role of taxation in economic development.
The role of taxation in economic development
Resource mobilisation:
Taxation enables the government to mobilise a substantial amount of reven
The tax revenue is generated by imposing direct taxes and indirect taxes.
Reduction in equalities of income:
Taxation follows the principle of equity.
► The direct taxes are progressive in nature.
Indirect tax on luxury goods is also progressive in nature.
Social welfare :
Social welfare is generated due to higher taxes on certain undesirable produ
like alcoholic products.
Foreign exchange:
Taxation encourages exports and restricts imports.
The developing and the developed countries do not impose taxes on expo
Regional development:
Tax incentives such as tax holidays for setting up industries in backw
regions induces business people to set up industries in such regions.
Control of inflation :
→ Taxation can be used as an instrument for controlling inflation.
► The government controls inflation by reducing the tax on commodities.​

Answer 1

Answer:

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