Banking Redefined

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. There will be no Direct and Indirect taxes, tax collection departments, tax tribunals and tax enforcement agencies. 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. There will be no tax collection expenditure for the Governments and no tax compliance cost for the people. Yet, the tax revenues from only single tax called “TOP Tax”, collected by banks, will be 30 to 40% more when compared to tax revenues accrued from all taxes in the present tax system.