A Note on Retrospectivity and the Tax System

David C. L. Nellor

The Economic Record, 1982, vol. 58, issue 3, 283-289

Abstract: The legitimacy or otherwise of retrospective tax legislation has become a topical issue in Australian tax reform debates. This note considers the economic costs of permitting this budgetary practice. While under certain circumstances the standard welfare cost of the tax system may be reduced by retrospective announcement of tax arrangements, the costs of forming expectations. required by the possibility of retrospective tax legislation lead to a reduction in the value of economic activity.

Date: 1982
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