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Ultimate Tax Reforms - All Direct and Indirect taxes accompanied by tax laws, accounting, auditing and tax returns, can be abolished if a new tax system called a€œTOP Tax systema€ 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 systema€ 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. Read full article......Thus the deducted Profit tax, 30% of minimum balance amount recorded in the MSA and each SSA (if any) of every person ... Tax will ensure that the money will be constantly pumped back into system keeping the economic growth at healthy rate. ... Profit Tax is deducted from SSA and MSA of a person on minimum balance amounts recorded in each financial year ... 15, 000.00 2010-a#39;11 20, 000 2, 00, 00, 000 - - 2011-a#39;12 1, 50, 000 5, 00, 000 30% of (1, 50, 000-90, 000) 18, 000.00 2012-a#39;13 1anbsp;...

Publisher:VIJAYA KRUSHNA VARMA - 2009-01-09

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