Evaluate a tax system

Adam Smith, the father of modern economy was the one proposed the basic principles of taxation over the past 228 years. These basic principles are outlined as for the following:

• the certainty
• all tax liabilities should be certain and not arbitrary.
• the fairness
• all transactions should be treated fairly for tax purposes
• the efficiency
• the tax syem should able to generate the amount of revenue required by the government.
• the low compliance cost
• the tax law should be simple so that compliance costs can be kept to be minimized.
• the flexibilty
• aspects of the tax system can be varied a quick impact to the economy.