The Iraqi Dinar is presently trading at around 1175.5 (bid) Dinars to one US dollar. Solving each these problems – black cash and sustained high progress – would require considerable improvement within the capability of the state to perform its fundamental capabilities, which incorporates asserting itself on residents to take its due.
Being a tax skilled my suggestion would be that the Govt should come out with an announcement that any money deposits made by any individual for which he’s unable to show bonafide source, tax shall be levied at flat 30% plus penalty based mostly on fastened slabs (for eg. money deposit upto a hundred lakhs -Penalty 10lakhs, 100L-500L – 50 lakhs and so on) as a substitute of levying 200%, which is a major deterrent for the black cash holders to deliver the cash into the authorized system.
It’s interesting to view America’s news coverage from somewhere outside the US. I remember the presidential marketing campaign in 1992, watching TELEVISION with no commercials, and just learning about the race from interviews with the candidates.
If that expectation is eliminated then work black cash vanishes.Government taxation mustn’t depend on taxing people revenue it should increase increase tax thro different means that are easily measurable and never depending on individual disclosure or assessment.
This is because of fears that are principally associated to the dearth of safety, the presence of a market open to foreign commodities with none restrictions, the prevalence of counterfeit money available in the market and rampant corruption in the country.