Academic Writing

In The Wealth of Nations (1776), the political economist and moral philosopher. Adam Smith, set-out four maxims for an equitable and efficient tax policy: • The subjects of every state ought to contribute towards the support of the government, as near-ly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state. (EQUITY) • The tax which each individual is bound to pay ought to be certain, and not arbitrary. The time of payment, the manner of payment, the quantity to be paid, ought all to be clear and plain to the contributor, and to every other person. (CERTAINTY) • Every tax ought to be levied at the time, or in the manner, in which it is most likely to be con-venient for the contributor to pay it. (CONVENIENCE) • Every tax ought to be contrived as both to take out and to keep out of the pockets of the people as little as possible over and above what it brings into the public treasury of the state. (EFFI-CIENCY) In April 2009, ACCA published its Policy Paper "Tax principles: From Adam Smith to Barack Obama". Discuss and evaluate the extent to which the UK system of taxation complies, or not as the case may be, with any 3 of the 12 principles the ACCA paper identifies as underlying good taxation policy, citing relevant research as appropriate. Marks: Knowledge & understanding 20%, Application of Knowledge 30%, Analysis and Evaluation 40% Presentation and referencing (Harvard Style)