About this ebook
Direct and Indirect taxes accompanied by tax laws, accounting, auditing and tax
returns, can be abolished if a new tax system called “TOP Tax system” is
adopted and implemented by all nations. Ultimate Tax reforms will not only
check the global economic recession but also relieve 7 billion people of the world from the cobweb of
ambiguous and complex tax structures, plethora of tax laws, mandatory and
cumbersome accounting, auditing, tax returns and consequent quagmire of all tax
related cases.
Salient features of this new tax system....................
Taxation,
tax collection, tax enforcement, tax compliance, allocation of revenues to
various ministries or departments and money supply into the economy are unified
and integrated in the banking system. In this new tax system there will be no
Direct taxes, Indirect taxes, tax laws, tax returns, tax collection
departments, tax enforcement agencies and tax tribunals. Citizens need not
maintain separate account books and submit tax returns annually for paying
either Direct taxes on personal incomes or Indirect taxes while running
business or industry. Yet, the tax revenues
collected by banks from single tax called TOP Tax will be 30 to 40% more when
compared to total tax revenues accrued from all Direct and Indirect taxes in
the present tax system.
TOP
Tax system” will make the budget preparation of any country to be simple, easy
and time saving exercise.
100% tax collections without
tax collection departments.
There will be no tax
collection expenditure for the Governments and no tax compliance cost for the people.
There will be no check posts,
way bills, accounting, auditing, tax laws, tax raids, etc.,
Tax component on any
commodity or service will be less than 11%, unlike more than 30% in the present
tax system. The prices will be substantially decreased.
There will be no tax
evasion and its main product black money.
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About the author
VARMA invented “TOP Tax system” which can be used as a common tax system for all nations not only to check the global economic recession but also to relieve 7 billion people of the world from the cobweb of ambiguous and complex tax structures, plethora of tax laws, mandatory and cumbersome accounting, auditing, tax returns and consequent quagmire of all tax related cases. http://taxationreforms.com
