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Introduction to Taxation – CIMA F1 Financial Reporting
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As an additional note, maybe someone can say “But you are using an old CIMA book”. Adam Smith died in 1790. I suppose since then his economic principles have not changed. Then the Kaplan book of 2017–2018 and the 2019 or later books must have the same information regarding this economic thinker.
Regarding example 1. The 2017-2018 Kaplan book has the following characteristics of taxation under Adam Smiths point of view:
a) Equity: The tax burden should be fairly distributed
b) Certainty: An individual should be able to determine the tax implications
c) Convenience: Tax should be easy to apply
d) Efficiency: Tax should be easy and cheap to collect
Then the answer for example 1 should be C: Simplicity. However a tax should be simple to understand and apply, this characteristic is implicit in all the other principles but it is not a specific one. This is one of the main problems of the CIMA ACCA certifications, the use of confusing terms in the questions points to some kind of tricky questions trying to “catch” the student instead of testing his/her general knowledge. and as can be seen, this attitude can even make fail a tutor.
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