Still amids all the elction craze and the hope that one day the philippine government would grow a better loce for its people. Apparently taxes helps determine the real growth of the economy. I really hope that the BIR got exposed and the philippine governement would opt for a better system that do not give too much power to government officials especially positions that could be corruptable. A new revolutionary way to do taxes is thru internet. Not thru filing but encourage business to declare the real Sales and Profit. This would be a good way to know the real strength of the economy. Here is an idea that would help business and this Government to calculate a more fair view of taxes. I remember that i have place a blog about how to go about it but this time we focus on business tax only. Now a business regardless small or big needs to know if it is earning or not. The government shoukd by all mean adapt or ask for international coders to create an accounting system that every business should do. Every business would be connected thru this cloud base internet. We should encourage business to use the application and make the program simpler. Business is simple, there is always a factor of money getting in and money going out. Monitoring them would be easier, money coming in to monitor is easy just let business attached business bank accounts and talky all the money going in and going out. The thing here is all data should be encrypted and no one even governement should be able to see the data. Only the information like money earned or money loss. We should encourage, business to earn money rather than losing money. Accounting right now is done just to make creative way to pay less or make books look good for business. A very simple way to know if the business is good is when the money coming in is bigger than money going out.
Next step is the taxing percentage, the tax bracket is quite unfair and not good measurement in how big tax a person should get. If the business earned x percentage, it would have a same x percentage discount from paying taxes. This way it would encourage people to submit a better record than a bad record. So example the business earned 15% from the past year, the tax would be discounted by 15% too. The tax percentage should be fixed regardless of how big you earn cause you want business to reinvest and expand. I go with a fix 10% tax from the earnings period. So if the business earned 1M then they would pay 100,000 period and it will be automatically deducted. Government should reduce regulation like type of reciept or other stupid regulations. Keep it simple, regardless if the income is from investment or what ever as long as it is kept inside the bank it could be monitored. No other way to reduce but to grow the business yty. If the business did not grow higer it woudl still pay the tax of 10%. To encourage a stable growth rate of 2% as that would be our inflation, s
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