What are Adam Smith's canons of taxation?

Source: What Are The 9 Canons Of Taxation In Economics Tax is the major source of Government revenue. In the medieval times, no proper attention was given to the tax by the economists. read more

Adam Smith's Four Main Canons of Taxation: A good tax system is one which is designed on the basis of an appropriate set of principles (rules). 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. read more

Canons/Principles of Taxation By Adam Smith: Adam smith, the father of modem political economy, has laid down four principles or cannons of taxation in his famous book "Wealth of Nations". These principles are still considered to be the starting point of sound public finance. read more

Adam Smith originally presented only 4 canons of taxation, which are also commonly referred to as the ‘Main Canons of Taxation’ or ‘Adam Smith’s Canons of Taxation’. Along with the passage of time, more canons were developed to better suit the modern economies. read more