Raja Ishwarya. B, Sastra Deemed University
ABSTRACT
This paper examines the pivotal part taxation reform plays in addressing critical fiscal issues. Taxation is a abecedarian aspect of profitable policy, impacting both profitable exertion and profit generation. The essay delves into the significance of tax reform, pressing its implicit benefits, crucial challenges, and practical perpetration. It emphasizes levies' part in raising profit and managing public budgets. Reform attempts, similar as closing loopholes and broadening the tax base, can palliate budget poverties, icing long- term fiscal stability. A targeted tax policy can stimulate profitable exertion and invention while addressing income inequality. By expanding social safety nets and enforcing progressive taxation, a further indifferent distribution of the duty burden and wealth redivision can do. Tax reform, through its focus on expanding the tax base and bridling elusion, can enhance profitable adaptability and reduce vulnerability to profitable shocks. The composition stresses the need for a delicate balance between profit generation and profitable growth, admitting the complications essential in tax reform. Real- world exemplifications from nations like Sweden, Singapore, and the United States illustrate different approaches to duty reform and their impact on their economy. The paper examines how analogous reforms in Indian law could drive profitable development, drawing comparisons to the positive or negative impacts seen in these countries.
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