asked in Business+Finance by
We know there are different tax systems in different countries? Some are capitalist nation, some socialists and mixed economy too are there? Which country has the best tax system?

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3 Answers

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answered by (57 points) 3
As a supporter to Capitalism I prefer the tax system bin gulf countries. There is no income tax. Only corporates have a tax that too in a small percentage as low as 5 percent or so. But liquors and cigarettes do attract a tax with higher rate.
From today onwards India has a new tax system called GST ( goods and services tax ). It is a good system to collect more revenue to government. But I can't see anything good to common people as tax rates are high in India when compared to middle east.
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answered by VISIONARY (9,004 points) 6 11 20
Well,a good tax system should first incorporate fairness, equity, transparency,simplicity and adequacy this is to say every one has a fair share of tax to pay and until this is taken into consideration a tax system can't be said to be good and of course tax payers can't be said to be paying good tax.

I don't know about others but I have always liked the pay as you earn (PAYE) way of calculating income tax it more transparent and fair way of dealing with citizens when it comes to tax payment. Those that earn higher pays more and those earning low pays low or better still there's a fixed percentage for everyone which I believe it fair enough.if it about 10% then 10% tax is deducted from all pay check monthly and the monies is used judiciously for the good of the citizens.
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answered by ELITE (3,006 points) 3 10 14
I think the flat rate type of taxation should be practiced. This is the type of tax where people get to pay a certain percentage of their income to the government which is cool for most nations since this is going to bring a form of industrious attitude to the people that own industries. I always say that for any nation to move forward, there is need to inculcate this character where people will work on a level of fairness and thrive to do well in their businesses.

I would have also gone for the progressive taxation, but what I don't really like about it is that it is also a form of discouraging those businesses that are looking at making more sales which, in my opinion, is not the best way to go. Nations should not be taking more from businesses as that is a wrong notion that promotes laziness.

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