Encourage avoidance and evasion; it can be easily evaded by tax payer by either falsifying information about their income or just ignoring payment
Deterrent to saving as it reduces people, ability to save due to less disposable income left with them
Deterrent to investment; heavy taxation on profit may deter entrepreneurs from investigating in high risk but profitable
May inconvenience the tax payer especially he/she has to comply with complicated formalities relating to source of income as well as expenses incurred while generating it
johnmulu answered the question on October 23, 2017 at 06:02
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