Taxes are the price you pay forcivilization. Taxes provide government revenues, and thosewho pay them have a stake in the system and in howgovernment spends its money. Taxes are lifeblood of a stableand prosperous society. In the wake of the global economicdownturn levying tax in even more difficult. With largestructural deficits in the big developed economies, fiscalpolicy has never been under so much public scrutiny. Whilethere is a clear expectation that economies will need toraise taxes as well as making spending cuts, they will needto remain cautious in how they raise taxes to ensure thatrecovery is not stifled. For developing economies, with cutsin aid budgets, tax revenues may prove to be a moresustainable source of financing. But challenges remain interms of combating capital flight. Reducing the size of theinformal economy and helping tax authorities to monitorcompliance and collect taxes.
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