In a recent budget presentation, the Minister of Finance and Planning Dr. Omar Davis announced changes to property tax effective April 1, 2005. This is with the objective to reduce the system's complexity and so improve compliance. The system has been simplified by the removal of the tax bands and caps, the introduction of a threshold of $300,000 and a flat rate of 0.05% on any amount in excess of $300 000. This simplification is expected to lead to increasing compliance, which is currently at 40%. Property tax is paid into the parochial revenue fund and is used by local government through parish councils to carry out services such as street lighting and garbage collection. Taken from 2015-2016 Budget Presentation Required: i. Based on the scenario above, explain the tax structure of property taxes. Identify the economic impact of the tax and THREE (3) other economic effects of (3 marks) ii. taxation. Assess THREE (3) attributes of a good tax system and indicate whether the tax referred to in the scenario possesses any of these attributes. (4 marks) iii. (6 marks) Part B Angela Burke is a hotel worker. She receives a salary of $1 250 000 per annum and is in receipt of gratuities of $100 000 per annum. Miss Burke is studying part-time and receives a scholarship of $150 000 from her employer to assist with her tuition fees. i. Miss Burke also likes to play Cash Pot. For the year 2020, she received $800 000 from her lotto and cash pot winnings. Miss Burke received dividends from Jamaica Teas, a company that is traded on the Jamaica Stock Exchange. She received $55,000 net of tax. Miss Burke has other investments including a time deposit at Jamaica National which paid interest of $30,000 (net). ii. I11. Compute Angela's gross emoluments for the year, writing appropriate notes. (7 marks)