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Consider and discuss the advantages and disadvantages of the following features of a tax system: a) direct and indirect taxes, b) progressive and regressive taxes. - To what extend they related - Essay Example

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Since then the law of taxation has undergone a number of transformations in suit to the deficiency of the economy. The most known tax systems in the UK and world in general, are indirect and…
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Consider and discuss the advantages and disadvantages of the following features of a tax system: a) direct and indirect taxes, b) progressive and regressive taxes. - To what extend they related

Download file to see previous pages... Direct tax under the UK legislation is reliable and certain since the government is aware of exact individuals expected to pay tax, and this reduces cases of corruption (Chowdry and Ladds 26). Moreover, direct taxation relieves the government of extra collection cost considering the fact that it is collected straight from the respective tax payers. Since taxes are collected by the government for the purposes of financing national projects, increase in population of tax payers will source more taxes that would be used to develop economy for the sole benefit of tax payers. In addition, direct tax system helps citizens develop sense of responsibility thereby enabling them to draw proper budgets after accounting for the tax.
Direct tax has made it easy for businessmen to evade real tax by quoting amounts that are incongruent to the exact income. In case of tax levy on wealth and inheritance, UK tax legislation does define particular scopes of taxes imposed on certain amount of wealth. Direct tax system tends to be unfair as it only imposes the burden on the working population whose contributions are used to cater for the entire population including the unemployed.
Indirect tax ensures equality in contribution since it is levied on consumer products most of which are basic. Indirect tax passes direct burden to the consumers since they encounter the tax in their process of consumption. Furthermore, indirect tax is easy to regulate especially when the government wants to amend its budget to cover certain goals. In addition, indirect tax enables businessmen to reduce their costs of operation by passing the impacts to the final consumer by including the value added tax in the final price of a product (Chowdry and Ladds 19).
Indirect tax transfers the burden to the final consumers who in real sense does not bear legal mandate to cater for the tax burden. The production and manufacturing companies transfer the burden of taxes charged ...Download file to see next pagesRead More
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