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Goals of tax modernization programmes
- Raise tax revenue: Modernization has explored new tax bases and better and efficient methods of tax collection
- Promote savings and investment by placing a greater burden on taxation of consumption and removing any disincentives to investment.
- Devise a tax structure that distributes income equitably and promotes rural urban balance
- Makes industry more competitive through reviews of imports duties and export compensation.
- Reduce compliance and administrative costs through low and rationalized tax rates, wide tax base, self-assessment systems and tax payer education and services.
- Improve tax administration by sealing leakages, loopholes, making wider use of computers and enhancing audit surveillance and establish effective data management systems.
- Encourage the growth of capital markets, some of the incentives love addressed the need to open up capital market to additional investors. For instance the costs for listing a company on the stocks exchange are now allowed for tax purposes.
Wilfykil answered the question on February 13, 2019 at 08:21
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