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Aug 27, 2020 · Documents to download. Retrospective taxation (738 KB , PDF) In the Wealth of Nations published in 1776 Adam Smith argued a tax system should have four characteristics: equity, certainty, convenience, efficiency. Smith defined the principle of certainty as follows: “the tax which each individual is bound to pay ought to be certain and not ...
Retroactive legislation is defined, again by the CIOT as: ‘legislation [that] imposes a tax charge on income arising or a gain realised after the date when the legislation comes in to force, but that income or gain arises from transactions entered in to (or at least commenced) before the legislation’.
Before we consider whether the retroactive application of the tax rates in Section 12308 is rationally related to a legitimate legislative purpose, we first address Taxpayers’ argument that this standard stated in Carlton does not govern the question of whether Section 13208’s retroactivity comports with due process because its tax rate change is tantamount to the enactment of a “wholly ...
Apr 5, 2012 · A clash of moral imperatives. Since ethics seem to be pervading the world of tax, let us conclude that retrospective legislation is nothing other than a clash of moral imperatives. Few would disagree with the proposition that the rule of law is at the core of democracy and that retrospective legislation is therefore morally reprehensible.
A sound taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policy raises a prescribed amount of revenue in a manner consistent with both economic efficiency and with society’s general concepts of fairness. Five […]
the expected tax consequences of a past act. The issue must be whether and in what circumstances the uncertainty thus caused can be the lesser of two evils. The nature of retroaction and retrospection The terms retroactive and retrospective are often used interchangeably to refer to any ex post facto legislation. Within the UK,
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1.2. The most important feature of a tax system for all taxpayers, probably even more so than low taxes, is certainty. We are pleased to see that this is recognised in the Government‟s paper, which sets out that its aim is to have an approach to tax policy making that achieves a more predictable, stable and simple tax system. 1.3.
