Explain five principles of taxation.
Answer Text: 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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