TOP Tax System - A Common Tax System for All Nations
Vijaya Krushna Varma
May 30, 2009
TOP Tax system is a new tax system which can be used as a common tax system for all nations. This new tax system will be without present tax system’s all Direct and Indirect taxes accompanied by tax laws, tax exemptions, multiple tax collection departments 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. Taxation, tax collection, tax enforcement, tax compliance, allocation of revenues to various ministries or departments; distribution of subsidies, implementation of welfare schemes and money supply into the economy are unified and integrated in the banking system. There will be no tax collection expenditure for the Governments and no tax compliance costs for the people either. 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, this new tax system envisages 20 to 30 % more revenues from single tax called "TOP Tax” - than presently accruing revenues from multiple taxes collected by different tax collection departments/agencies. The present day trade barriers between the manufacturers and consumers; between the Stares within the country and between the nations can be totally removed to make the whole world into one fully open market.
Number of Pages in PDF File: 58
Keywords: Single tax system, A new taxation system, simplified tax collection system, simplified tax comliance system, simplified budget preparation, limited paper currency economy, dematerialised money, redefining the role of banking sector
JEL Classification: E4, E5, H2, H24, H25, H26, H5, H51
Date posted: April 11, 2011 ; Last revised: July 27, 2012