Taxation is one of the major things that define the position, revenues, and stability of our economy. There exist various categories of taxes including income tax, duty tax, Value Added Tax (VAT), and property tax among others. Nevertheless, the role of taxes in the economy is generating revenue for the government expenditures and other reasons. In my opinion, I feel that some taxes are irrelevant or they are too high for the citizens to cope and handle. Even though that most tax laws are passed and amended through legitimate processes, I still feel that taxes on primary products such as food, medicine, and healthcare instruments should be eliminated since these products come to improve societal welfare rather than generate income.
If given an opportunity to review and create a new revenue system, I would conceptualize on forming tax-free policies on the imports of these basic products. Even though the government has played its role relieving taxes from some basic goods and services, I still feel that consumption goods like cereals ought to be made tax-free to ensure affordability and availability to all citizens. In addition , I know that the perceptions and responses to these taxes are raise contradictory and very influential deliberations among most citizens, economists, and policymakers . Reviewing and reforming the system can introduce a fair method that ensures citizens only pay VAT on the primary products rather than import tax. In other words, double taxation of essential products can be avoided .
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Conclusively, I enjoyed this course especially by learning the various categories of taxes and their differences. From the first unit, this course has presented an open and comprehensive study of how different variables affect that tax rates. I do not have any improvements to this course since I found everything well-structured and self-explanatory.
