Four points should be considered while designing the tax system:
Efficiency: This idea encapsulates the capacity of individual payers to pay their taxes. Including an element of efficiency in the taxation systems speaks to the capability of taxpayers and the government to serve the people with the money collected in the form of tax. The taxation system should be such that the allocation of resources is not disrupted and the administrative cost should ideally be low.
Equity: This is a necessary aspect of designing taxes so that the tax payment process is made compulsory to all citizens belonging to a particular nation. Taxes should be fair and imposed according to the paying ability of taxpayers. There are two aspects of equity, namely horizontal equity and vertical equity. Equity can be measured through two approaches: the ability to pay and the benefit principle.
Certainty: The element of certainty should be considered in designing a tax system. Taxpayers should be aware of when and where they are supposed to pay taxes. The tax system should not be random.
Convenience: This idea is paramount when designing a tax system. It should be easy for people to estimate the amount of taxes they are required to pay. Payment of taxes should also be a stress free and quick experience.
Analysis of structures used in the design of tax systems
The structure of tax systems is highly dependent on the tax base, tax rate and the variation shown by tax rates. The tax base is defined as the sum of assets on which a tax rate is applied. The tax rate is the ratio at which an individual or entity is taxed. A tax rate is applied over the tax base. This differs based on the economic conditions prevailing in the nation that change from time to time. When there is a boom in economic conditions, tax rates will be high and vice versa. Depending on the values of the tax base and tax rate, taxes are classified as flat taxes, regressive taxes and proportional taxes. They are further elaborated below:
Flat taxes allow individual payers to pay a fixed amount of tax. For example, $10 per capita. These taxes are not affected by transaction values.
Regressive tax affects the economy of poor people by stressing them to pay high taxes at lower incomes. In this case, the tax rate drops to zero when the limit of the minimum security wage is reached.
Proportional taxes establish a fixed rate on the income earned by individual people. For example, suppose Rita earns $75,000 per month and the tax rate percentage applied is 10%. Then the same tax rate will be fixed to John who earns $800 per month. Therefore, proportional taxes are fixed in nature.
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