TOP Tax System – A New Taxation System
Vijaya Krushna Varma
May 30, 2009
All 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. TOP Tax system will 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 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.
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Number of Pages in PDF File: 58
Keywords: simplified taxation system, simplified tax collection system, simlified tax compliance system, simplified budget preparation, limited paper currency, dematerialised money, simplified money supply system, no Income tax, sales tax/vat and all other taxes
JEL Classification: E43, E62, F41, G21, H21, H24, H26, H51, H52, H53, H55, H61, H71working papers series
Date posted: April 11, 2011 ; Last revised: July 31, 2012
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