Income tax Notice

The Major Objectives & Importance of Tax

What are the objectives of Tax

The idea of tax was started with a perspective to generate government revenue in its absolute beginning stage. In course of time it has been used for different purposes.

  • To raise government revenue for development and welfare programs in the nation.

  • To keep up economic equalities by forcing tax to the income workers and enhancing the monetary state of the common people.

  • To encourage the production and distribution of the products of fundamental needs and demoralize the production and harmful ones.

  • To discourage import trade and secure the national industries.

What are the Importance of Tax

Tax is a major source of government revenue and its contributes for the general development and flourishing of a nation.

  • Bringing government revenue up in terms of income tax, custom duty, excise duty, entertainment tax, VAT, land revenue tax and so forth from different sectors with a specific end goal to start development and welfare programmes.

  • Keeping up economic sound by lessening financial inequalities by method for equitable circulation of wealth by method for forcing tax to the income workers and enhancing the economic condition of the general individuals.

  • Managing the economic sectors into right direction by empowering the production and conveyance of helpful goods and discouraging the harmful products by imposing high tax rate on them.

  • Building and fortifying the national economy by empowering and securing national industries and advancing export trade.

  • Diminishing local financial disparity by urging the business people to build up industries in remote and in backward regions by giving tax exemptions, rebates and concessions and so forth.

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2 Thoughts on “The Major Objectives & Importance of Tax

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