These include:

Adequacy:

Taxes should be just enough to generate revenue required for provision of essential public services.

Broad Basing:

Taxes should be spread over as wide as possible section of the population or sectors of economy, to minimize the individual tax burden.

Compatibility:

Taxes should be coordinated to ensure tax neutrality and overall objectives of good governance.

Convenience:

Taxes should be enforced in a manner that facilitates voluntary compliance to the maximum extent possible.

Earmarking:

Tax revenue from a specific source should be dedicated to a specific purpose only when there is a direct cost and benefit link between the tax source and the expenditure, such as use of motor fuel tax for road maintenance.

Efficiency:

Tax collection efforts should not cost an inordinately high percentage of tax revenues.

Equity:

Taxes should equally burden all individuals or entities in similar economic circumstances.

Neutrality:

Taxes should not favor any one group or sector over another and should not be designed to interfere-with or influence individual decisions making.

Predictability:

Collection of taxes should reinforce their inevitability and regularity.

Restricted exemptions:

Tax exemptions must only be for specific purposes (such as to encourage investment) and for a limited period.

Simplicity:

Tax assessment and determination should be easy to understand by an average taxpayer.