ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The Standard Debacle

at different stages of the production and distribution process, and encourages tax avoidance through vertical integration and other devices. The cascade effect of multiple turnover taxes may he mitigated by the use of low tax rates on materials and semi-finished goods, as in Thailand, or by exemption of raw materials, as in Ceylon. The ultimate solution to such a cascade effect is a tax on value added by each producer and distributor of goods.

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