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FIN723 - Taxation Management Assignment No.1 Solution & Discussion Spring 2016 Due Date May 13, 2016

FIN723 - Taxation Management Assignment No.1 Solution & Discussion Spring 2016 Due Date May 13, 2016

FIN723 - Taxation Management Assignment No. 1 Solution Spring 2016 Due Date May 13, 2016

 SEMESTER - SPRING 2016

TAXATION MANAGEMENT (FIN723)

ASSIGNMENT NO.      01  

DUE DATE:  MAY 13, 2016

MARKS: 20

Learning Objective

The  students  are  expected  to  develop  an  understanding  on  ethics  in  taxation  observed  by  various stakeholders. These stakeholders include tax legislatures, tax practitioner, tax administration and tax payers.

Learning Outcomes

After going through this activity, the students will be able to determine the level of ethics observed by tax legislatures while designing tax regulations, tax practitioner during practicing tax matters, tax administration while administrating taxes policies and tax payers while determining and paying their taxes.

Questions

Appended below is a document on Ethics in taxation. Kindly read that text and answer the  following questions:

  1.  How would you define the term ethics?               (4 Marks)
  2.  Describe briefly role of the following:
    1.  Tax legislators while approving tax laws in the assemblies        (4 Marks)
    2.  Tax administrators while implementing tax policies in the economy      (4 Marks)
    3.  Tax practitioners while practicing tax matters            (4 Marks)
    4.  Taxpayers while managing their tax matters              (4 Marks)

Important:

24 hours extra / grace period after the due date is usually available to overcome uploading difficulties.  This  extra  time  should  only  be  used  to  meet  the  emergencies  and  above mentioned due dates should always be treated as final to avoid any inconvenience.

IMPORTANT INSTRUCTIONS/ SOLUTION GUIDELINES/ SPECIAL

INSTRUCTIONS

BE NEAT IN YOUR PRESENTATION 

OTHER IMPORTANT INSTRUCTIONS  :

DEADLINE:

?   Make sure to upload the solution file before the due date on VULMS. 

?  Any submission made via email after the due date will not be accepted.

FORMATTING GUIDELINES :

?  Use the font style “Times New Roman” or “Arial” and font size “12”. 

?  It is advised to compose your document in MS-Word format. 

?  You may also compose your assignment in Open Office format.

?  Use black and blue font colors only. 

 

 

 

REFERENCING G  UIDELINES:

?  Use APA style for referencing and citation.  For guidance search “APA reference style”

in Google and read various websites containing information for better understanding

or visit http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html

RULES FOR MARKING

Please note that your assignment will not be graded or graded as Zero (0), if:

?  It is submitted after the due date.

?  The file you uploaded does not open or is corrupt.

?  It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF

etc.

?  It is cheated or copied from other students, internet, books, journals etc.

Note related to load shedding: Please be proactive

Dear students!

As  you  know  that  Pre  Mid-Term  semester  activities  have  started  and  load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after

due date of assignments or GDBs.

 Certificate in Accounting and Finance

Principles of Taxation


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Ethics

 

 

 

 

Contents

1  Ethics

2   Ethics for tax legislators

3   Ethics for tax administrators

4   Ethics for tax practitioners

5   Ethics for taxpayers

6  Chapter review

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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INTRODUCTION

This chapter deals with the Ethics. This chapter describes the importance of Ethics in formation of tax legislation. Moreover, Ethics for the Tax implementing Authorities and Taxpayers is also addressed. 

Learning outcomes

The overall objective of the syllabus is to provide basic knowledge in the understanding of objectives of taxation and core areas of Income Tax Ordinance, 2001, Income Tax Rules 2002 and Sales Tax Act 1990 and Sales Tax Rules.

LO 3.1.1


Describe how canons of taxation developed by economists are relevant for legislators while formulating tax policies

LO 3.2.1  Understand the right and purpose of state to tax its citizen LO 3.2.2   Understand morality behind compliance with tax laws

LO 3.3.1   Understand the powers vs. ethical responsibilities of tax implementation authorities

LO 3.3.2   Understand pillars of tax administration, namely, fairness, transparency, equity and accountability

LO 3.4.1  Explain with simple examples the basic difference between evasion and avoidance of tax   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Chapter 3:Ethics

 

 

1  ETHICS

Section overview 

 

 

?  Ethics – meanings and application

 

 

1.1  Ethics – meanings and application

The word ethics is derived from the Greek word ethos, which means "character,"

and from the Latin word mores, which means "customs." Aristotle was one of the

first great philosophers to study ethics. To him, ethics was more than a moral, religious, or legal concept. He believed that the most important element in ethical behaviour is knowledge that actions are accomplished for the betterment of the common good. He asked whether actions performed by individuals or groups are good both for an individual or a group and for society. To determine what is ethically good for the individual and for society, Aristotle said, it is necessary to possess three virtues of practical wisdom: temperance, courage, and justice.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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2   ETHICS FOR TAX LEGISLATORS

Section overview 

 

 

?  Ethics for tax legislators

?  Ethics and canons of taxation

?  Canons of taxation

?  Responsibilities of the tax legislators

 

 

2.1  Ethics for tax legislators

In chapter 1, we discussed the following objectives of taxation:

?  For collection of revenue to run and administer the Government;

?  To use as a tool for implementation of its fiscal policies; and

?  For fair distribution of wealth.

Non-revenue objectives

Apart from purely financing government operational expenditures, taxation is also utilized as a tool to carry out the national objective of social and economic development.

?  To strengthen anaemic enterprises by granting them tax exemptions or other conditions or incentives for growth;

?  To protect local industries against foreign competition by increasing local import taxes;

?  As a bargaining tool in trade negotiations with other countries;

?  To counter the effects of inflation or depression;

?  To reduce inequalities in the distribution of wealth;

?  To promote science and invention, finance educational activities or maintain and improve the efficiency of local forces;

?  To implement laws which eliminate discrimination among various elements in the markets/businesses.

In the second chapter, we discussed the provisions of Constitution of Pakistan which empowers the Parliaments to legislate for levy of taxes. These powers are not unfettered and should carry some ethical and rational basis. This matter is further discussed in the ensuing lines:

2.2  Ethics and canons of taxation

According to Hugh Dalton, "a tax is a compulsory contribution imposed by a public authority, irrespective of the exact amount of service rendered to the taxpayer in return, and not imposed as penalty for any legal offence." 

As per above definition, taxes are compulsory contribution. Secondly, their

compliance is obligatory for a citizen living in that jurisdiction otherwise the state has the right to enforce its laws including recovery of tax through prescribed coercive measures. However, the State’s right to tax its people should be based upon some rational grounds. A good tax system is one which is designed on the basis of an appropriate set of principles (rules). 

 

 

 

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The tax system should strike a balance between the interest of the taxpayer and that of tax authorities. Adam Smith was the first economist to develop a list of canons of taxation. These canons are still regarded as characteristics or features of a good tax system.

2.3 Canons of taxation

What are Canons of Taxation? They are the basic principles (i.e. rules) set to build a 'Good Tax System'. Canons of Taxation were first originally laid down by economist Adam in his famous book "The Wealth of Nations". These canons of taxation were discussed in Chapter 1 in a summary. In this book Adam Smith only gave four canons of taxation, which are now known as the "Original or Main Canons of Taxation". These are as follows:

  1.        Canon of Equity: The principle aims at providing economic and social

justice to the people. According to this principle, every person should pay to the government depending upon his ability to pay. Rich people should pay higher taxes to the government, because without the protection of the government authorities (Police, Defence, etc.) they would not have earned and enjoyed their income. Adam Smith argued that the taxes should be proportional to income, i.e., citizens should pay taxes in proportion to the revenue which they respectively enjoy under protection of the State. 

  1.        Canon of Certainty: According to Adam Smith, the tax which an individual

has to pay should be certain, not arbitrary. The tax payer should know in advance how much tax he has to pay, at what time he has to pay the tax, and in what form the tax is to be paid to the government. In other words, every tax should satisfy the canon of certainty. At the same time a good tax system also ensures that the government is also certain about the amount that would be collected by way of tax. 

  1.        Canon of Convenience: The mode and timing of tax payment should be

as far as possible, convenient to the tax payers. For example, land revenue

is collected at time of harvest and income tax is deducted at source. Convenient tax system encourages people to pay tax and increases tax revenue. 

  1.        Canon of Economy: This principle states that there should be economy in

tax administration. The cost of tax collection should be lower than the

amount of tax collected. It may not serve any purpose, if the taxes imposed are widespread but are difficult to administer. Therefore, it would make no sense to impose certain taxes, if they are difficult to administer. 

Additional Canons of Taxation            Activities and functions of the government have

increased significantly since Adam Smith's time. Governments are expected to maintain economic stability, full employment, reduce income inequality and promote growth and development. Tax system should be such that it meets the requirements of growing state activities. Accordingly, modern economists gave following additional canons of taxation. 

  1.        Canon of Productivity: It is also known as the canon of fiscal adequacy.

According to this principle, the tax system should be able to yield enough revenue for the treasury and the government should have no need to resort to deficit financing. This is a good principle to follow in a developing economy. 

 

 

 

 

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  1.        Canon of Elasticity: According to this canon, every tax imposed by the

government should be elastic in nature. In other words, the income from tax should be capable of increasing or decreasing according to the country’s requirement. For example, if the government needs more income at a time of crisis, the tax should be capable of yielding more income through increase in its rate. 

  1.        Canon of Flexibility: It should be easily possible for the authorities to

revise the tax structure both with respect to its coverage and rates, to suit the changing requirements of the economy. With changing time and conditions the tax system needs to be changed without much difficulty. The tax system must be flexible and not rigid. 

  1.        Canon of Simplicity: The tax system should not be complicated. That

makes it difficult to understand and administer and results in problems of interpretation and disputes. In Pakistan, efforts of the government in recent years have been to make the system simple. 

  1.        Canon of Diversity: This principle states that the government should

collect taxes from different sources rather than concentrating on a single source of tax. It is not advisable for the government to depend upon a single source of tax, it may result in inequity for a certain section of the society and uncertainty for the government to raise funds. If the tax revenue comes from diversified sources, then any reduction in tax revenue from one source for any reason is bound to be small. 

2.4  Responsibilities of the tax legislators

The tax structure is a part of economic organisation of a society and therefore fits in its overall economic environment. No tax system that does not satisfy above canons of Taxation can be termed a good one. Moreover, the state should pursue that the primary aim of tax should be to raise revenue for public services. However, people should be asked to pay taxes according to their ability to pay and assessment of their taxable capacity should be made primarily on the basis of income and property. May it be added here that tax should not be discriminatory in any aspect, either between individuals and also between various groups.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Chapter 3:Ethics

 

 

3   ETHICS FOR TAX ADMINISTRATORS

Section overview 

 

 

?  Ethics for tax administrators – introduction

?  Pillars of tax administration 

?  Responsibilities of the tax implementing authorities

 

 

3.1  Ethics for tax administrators – introduction

Federal Board of Revenue is empowered under the law to monitor, assess, levy, collect taxes as provided in the tax statutes. There are a number of occasions whereby they possess any of the following powers: 

?  Assess taxes (including best judgment);

?  Collect Revenue;

?  Seize Property;

?  Attach bank accounts;

?  Commence legal (criminal/civil) proceedings against  taxpayer

Such powers may be misused and can become abusive powers as exercise of that power can result in the following against the taxpayer:

?  Loss of property and income;

?  Imprisonment

So, these powers can result in the loss of some of the fundamental human rights of the taxpayer. Ethics tend to bring these powers within the principles of goodness and morality. 

Illustration: 

Mr. Zahid is running a textile unit and tax amounting to Rs 5M is assessed against him. His bank accounts balance is Rs 10M. However, he has to fulfil his exports orders. In case he fails to fulfil his orders, he would lose his customers and that orders.  Considering his present critical financial position, Zahid believes that tax recovery proceedings by recovery from bank account (Attachment of bank account) would entail an irreparable loss to his organisation. So he files a request to FBR for allowing him to pay the tax dues in instalments.

FBR staff has the power to allow him relief or recover this tax directly from his bank account. Justice and equity demands that his request should be entertained so that his continuation and prosperity of business would eventually result in payment of better taxes in future whereas recovery of tax could jeopardise his business operations.

 

 

 

Illustration: 

Income Tax Ordinance, sales tax law, Federal excise law empower tax authorities to select cases for audit. This power can be misused by selecting some cases while leaving many unaudited. Thus, despite the fact that law provides unfettered powers, these should be exercised on some ethical and rational basis.

 

 

 

 

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3.2  Pillars of tax administration

In order to safeguard the interest of taxpayers and avoid abuse of powers by the tax administration, following four pillars of Tax administration are defined:

  1.  Fairness 

Strive to be impartial, fair, neutral and consistent in administering the law without regard to race, social or economic circumstances.

  1.  Transparency

All Proceedings must be transparent and must be seen as transparent. 

  1.  Equity

Best tax administration is not that which collects most revenue. Rather it depends on how this revenue generation is actually accomplished. Whether all stakeholders are taxed fairly or tax is collected from the poor /salaried class after failing to collect taxes from entrepreneurs/businesses. Thus, equity demands that tax administrators should not achieve their objectives in an irrational manner.

  1.  Accountability

There must be a strong system of accountability for wrong doers which should curb corruption, nepotism and maladministration.

Under the four pillars, some of the ethical issues facing tax administration are:

  1.   Acceptance of gifts
  2.   Conflict of Interest
  3.   Selective application of the law/ or inconsistency in applying the law
  4.  Political influence
  5.  Confidentiality/secrecy
  6.  Discretion
  7.  Corruption
  8.   Lack of Autonomy

In order to avoid pitfalls of the abusive use of discretion, seven principles for structuring discretion are defined which are as under:

?  Open plans 

?  Open policy statements 

?  Open rules  

?  Open findings 

?  Open reasons 

?  Open precedents 

?  Fair informal procedure

 

 

 

 

 

 

 

 

 

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3.3  Responsibilities of the tax implementing authorities

A concise code which can enlist responsibilities of Tax Administrators can be as under:

  1.   Obey all laws relating to taxation and grant no exemptions, credit or advantage to any taxpayer that is not provided by the law;
  2.   Be dedicated to the highest ideals of honesty and integrity in all matters in order to maintain the respect and confidence of the government and

taxpayers;

  1.   Strive to be impartial, fair, neutral and consistent in administering the law without regard to race, social status or economic circumstances;
  2.   Provide prompt, efficient and quality service to all stakeholders in an effort to exceed their expectations;
  3.   Refrain from actively participating in partisan political activities;
  4.   Accurately record proceedings and maintain taxpayer information in the strictest confidence and highest level of security;
  5.   Refrain from soliciting gifts for actions and non-actions;
  6.   Make reasonable effort to collect the proper amount of tax revenue due at the lowest possible cost to the state, and in a manner that warrants the

highest degree of confidence in our integrity, efficiency, effectiveness and fairness;

  1.   Respond to valid taxpayer refund claims with the same diligence as employed in collection of taxes;
  2.   Educate taxpayers on their rights and responsibilities to ensure the highest possible levels of voluntary compliance to the laws.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Principles of taxation

 

 

4   ETHICS FOR TAX PRACTITIONERS

Section overview 

 

 

?  Ethics for tax practitioners

 

 

4.1  Ethics for tax practitioners

There are five fundamental principles of ethics for tax practitioners. These are set out below:

       Integrity. Tax Practitioners should be straightforward and honest in all

professional and business relationships. Integrity implies not just honesty but also fair dealing and truthfulness.

       Objectivity. Tax practitioners should not allow bias, conflicts of interest or

undue influence of others to override their professional or business

judgments.

       Professional competence and due care. Tax Practitioners have a duty to

maintain their professional knowledge and skill at such a level that a client

or employer receives competent service, based on current developments in practice, legislation and techniques. Tax practitioners should act diligently and in accordance with applicable technical and professional standards.

       Confidentiality. Tax Practitioners should respect the confidentiality of

information acquired as a result of professional and business relationships and should not disclose such information to third parties without authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of tax practitioners or third parties.

       Professional behaviour. Tax practitioners should comply with relevant

laws and regulations and should avoid any action which discredits the profession. 

They should behave with courtesy and consideration towards all with whom they come into contact in their professional capacity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Chapter 3:Ethics

 

 

5   ETHICS FOR TAX PAYERS

Section overview 

 

 

?  Three approaches of tax compliance

?  Ethics and morality for taxation compliance

?  The conduct of taxpayers

 

 

5.1  Three approaches of tax compliance

There are three approaches to ethics for tax compliance which are as under:

?  Utilitarianism, which tells us to aim for the greatest total happiness across the population. In the economic sphere, we can interpret ‘happiness’ as the satisfaction of our desires; and so utilitarianism as aiming for maximum satisfaction of desires.

?  Deontology, which bases ethics on the idea of duty.

?  Virtue ethics, which focus on the virtues we should have, and on what constitutes a virtuous life. A broad conception of the virtues must be used here, encompassing not only virtues such as honesty, but also virtues such as using one’s talents and leading a fulfilled life.

5.2  Ethics and morality for taxation compliance

?  For Taxpayers following utilitarian approach, the most important economic goals are to ensure that goods and services are available to allow everyone

to have a decent life, and to ensure that these resources are distributed widely enough for all or most people to enjoy them. Motivating  citizens to pay taxes even at the highest rate. Moreover, their compliance level would also be better as there is dire need for availability of resources for the vast majority of masses and the country.

?  Taxpayers preferring the deontologist ethical approach lay down absolute duties. Such duty includes respect for other people’s property rights. This

could be interpreted to mean that there should be no tax at all, because tax is the forcible transfer of property from taxpayers. On the other hand, the duty to respect property rights could be used to argue that any social resources one uses should be paid for, even if one did not ask for those resources to be provided. Thus in order not to be a thief, anyone who uses a public hospital, or even a public road, should make sure that he or she pays tax to cover their use. So this approach envisages that taxes are paid as a matter of obligation by the taxpayer for use of public facilities.

?  Virtue ethics can be a bit more helpful on the question of the fairness of taxation. One should use one’s talents to the full. Financial incentives can encourage people to use their talents, but very high taxation dampens those incentives by reducing take-home pay. Another virtue is charity, either in the form of cash or time. The more take-home cash people have, the more likely it is that they would be able to afford charitable donations; and also find time from paid employment to perform charity work or other

 

 

 

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forms of civic service, as school trustees or Mutawali of Masjid for example. A third virtue is independence. It is good to earn what one needs rather than to depend on subsidies from others. Lower rates of taxation make independence more easily achievable.

?  Tax can be used for all sorts of purposes, and it is often clear what ethicists of any particular kind would say about these purposes. We can start with

the provision of law and order and the more extensive public services such as healthcare and education. Utilitarians will approve of taxation for these purposes because they allow more goods and services to be produced, and they also allow more non-materialistic desires to be satisfied. Virtue ethicists will approve because these services enhance people’s opportunities to use their talents and to lead prosperous lives.

?  When we turn to aid the poor, utilitarians would be prone to approve because it means increased transfer of resources from the rich to the poor rendering them in a happier position. Virtue ethicists will approve because with redistribution the poor can be helped to flourish and develop virtues, and because looking after the less fortunate is itself a virtue (although voluntary charity may be a greater virtue than forced

payment).Deontologists can recognize a duty to care for the poor.

?  Taxation addressing the needs of all these ethical thoughts can attract better compliance. Morality for citizens to pay taxes is justified as the State is responsible for providing a proper infrastructure for a decent life. The State is also obliged to provide endow with a level playing field to all the concerned so that talent on merit can be best explored and utilized. It therefore becomes necessary that taxes be paid to the State in return for basic needs benefits peace & prosperity, infrastructural development and economic growth etc.

5.3  The conduct of taxpayers

Most people pay their taxes, without a doubt not all are willing to part with their money. So lastly let’s look at whether other forms of behaviour can be ethically acceptable: tax evasion and tax avoidance. We discussed these strategies in Chapter 1 in the following manner:

?  Tax avoidance is generally the legal exploitation of the tax regime to one's own advantage, to attempt to reduce the amount of tax that is payable by means that are within the law whilst making a full disclosure of the material information to the tax authorities. Examples of tax avoidance involve using tax deductions, changing one's business structure through incorporation or establishing an offshore company in a tax haven.

?  By contrast tax evasion is the general term for efforts by individuals, firms, trusts and other entities to evade the payment of taxes by illegal means.

Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability, and includes, in particular, dishonest tax reporting (such as under declaring income, profits or gains; or overstating deductions.

 

 

 

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A utilitarian, concerned with aggregate welfare, might be quite relaxed about tax avoidance. After all, when tax is avoided, wealth is not destroyed: it is merely kept in the private sector instead of being transferred to the public sector. The main utilitarian concern would probably be that it would result in an unintended distribution of the tax burden, as some of the burden would be shifted from the rich onto people with modest incomes who cannot afford clever tax lawyers. That would reduce their satisfaction more than it would increase the satisfaction of the better-off people who have succeeded in reducing their tax burdens. 

A virtue ethicist would perhaps dislike tax avoidance. It is, after all, hardly virtuous to exploit rules knowing that one is exploiting them in unintended ways to redistribute the disadvantage away from oneself. A deontologist would not positively favour tax avoidance, but might not condemn it either. Deontologists can easily argue for a duty to obey the law: yet obeying the law is something the tax planner takes care to do, in his own peculiar way.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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6  CHAPTER REVIEW

Chapter review

 

 

Before moving on to the next chapter check that you now know:

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What are ethics? What are canons of taxation and their impact on tax legislation? What are the responsibilities of tax legislators?

What are 4 pillars of tax administration?

What are responsibilities of tax administrators? What is code of ethics for tax practitioners? What is ethical morality for taxpayers to comply with tax law?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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The Institute of Chartered Accountants of Pakistan

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