Tax Reform 6: Building blocks for redesigning Guyana’s tax regime
Last week’s column briefly examined four of the nuts and bolts considerations which inform tax reform, namely, tax expenditures; tax level and structure; tax buoyancy and elasticity; and tax volatility. Today, I treat with the remaining five: tax stability; taxation and economic efficiency; tax burden (incidence); the costs of taxation; and taxation and fairness (equity). Together, these nine items constitute the minimum basic analytical constructs that underlie all tax systems. They are, therefore, essential building blocks required for successful re-design of Guyana’s tax regime.