Canada -Why Opt For a Simpler Tax System?

Why Opt For a Simpler Tax System?

BOMCAS LTD. ACCOUNTING & TAX SERVICES

Business Accounting, Bookkeeping, Payroll, Farming, Personal Tax & Corporate Tax Accountants

Income tax is the hardest thing to be easily understood in the whole world. Sometimes, the smartest brain meets the downfall in briefing the taxes. The surprising thing is that every life has to travel around the world of taxes. Everything is related to tax such as salary comes with tax, gift comes along with tax, investment on anything single object is added with tax. This article is an account of the principle behind levying the taxes and comparing it to the tax system. The Personal Income Tax Return Accountant in Edmonton, Alberta is efficient enough to handle the queries related to tax efficiency. Here are the pillars that enhance tax efficiency:

Income Tax Return Deduction Refund Concept

Clarity:

The key to an efficient tax system is its clear, transparent, and unambiguous system that is standing on simple law. Easier and simple the law is then complying becomes simpler. In case, a country has complex laws then, for sure it may lead to errors. And, everyone must be aware of the fact that the tax system has no rooms for error as it imposes a huge amount of penalties. Finally, the system ends with penalizing the innocent person. The complexity of the law introduces loopholes and tax terrorism in the system. So, it is required that both the taxpayer and the collector need to be clueless. A complex law is a complete injustice done to the taxpayer who is not capable to afford an Edmonton bookkeeping services that are potential enough to control the cash flow.

Stability:

The tax law structure should not be variable nor should it frequently change. The market players need to plan out the result of the increase and decrease in the income tax rate. The rate of income tax needs to be stable so that the taxpayer could plan out accordingly. In economics, this particular strategy is called “Menu Cost”. The frequent change in the menu cost leads to the problem of reprinting the menu after every single rise or fall of the tax rate. Therefore, to handle market smartly, government taxes are levered. This only required determination of things, first implement the law on small and then exercise it on a bigger thing so that the tax rate remains stable for a longer time. More profit can be earned with the smart strategy that can be applied with the support of Personal Income Tax Return Accountant in Edmonton, Alberta.

Convenience:

With the growth of the organization, the taxpayer needs to pay maximum taxes that are completely based upon earning. Every country should provide sufficient time for the taxpayer to pay the tax within the period. The government needs to ensure that payment could be made in the form of installments to make the process of paying income tax easier.

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