Still too complicated and has too many loopholes.
I think there is only one way to tax fairly and effectively, is a graduated VAT system. So on a loaf of bread 0% tax, on a Ferrari, 100% tax.
All of a sudden, 100% of the population are paying taxes in your country. The only people that will actually feel the pinch are the super wealthy that can avoid taxes under the current system. Not to mention organised crime.