We Filipinos often disregard the value of tax. We always complain whenever we compute how much tax are deducted in our salaries. So to make you feel better I will give you a small list of Importance of Taxation which I read in our Economics book.
Through tax, citizens can contribute and give their fair-share to the cost and expenses of government in order for the state to:
- Raise revenue
– No government can exist without it, it cannot promote the welfare of the people.
- Protect locally produced goods against competition from import by imposing higher custom duties.
- Protect new industries by granting tax exemptions.
- Regulate property.
- Distribute equally the wealth of the nation.
Credits: “Introduction to Economics” by Roman D. Leano, Jr. and Ronald M. Corpuz.