Taxes are a major source of income for many governments in the world. Income tax is collected from individuals as value added tax or as income tax. Corporates, manufacturers and service providers also pay tax. This is a huge number of people contributing to the revenue of a country. As such, taxation must be handled with a lot of care. There must be a motivating drive to make people remit their taxes voluntarily and faithfully. The Annual filing season program is a program set up to enhance tax collection modalities. In areas where it has been adopted, it has achieved the following advantages.
The people get better understanding of the whole process of paying tax. Tax experts are equipped with the right knowledge. When they pass this on to the population, the end result is a lot of citizens who know and are clear why they are paying tax. They will hence have a positive view when they are paying their taxes.
By letting tax get handled by professionals, it gives the people a safe feeling that their money is I the safe hands. They will be willing to contribute more. The program also eliminates crooks who are out to defraud tax payers. The collective effect is an increase I the governments source of revenue as less pressure in running its affairs.
Tax evasion is a problem faced by most government. People who evade tax are a burden to the government. They do not contribute but they will want to benefit from the same services others are paying for. The program teaches the experts on how to deal with this evaders and seals the loopholes they usually take advantage of.
With better tax collection methods a government is able to make better future plans for its people. The productivity of a country is measure accurately. Amenities offered by the government are kept at the right maintenance because funds are available. Social services reach the people in good time and quality is assured.
Investors are encouraged by good taxation programs. They will want to start trade in areas with such a program. Investors bring job opportunities for the locals and the effect of this is wholesome development of a region. Efficient ways of tax collection makes value added tax and income tax cheaper to some extent.
Going through the program makes a tax prepared different from the others who have not gone through the program. They can market their selves better and gain more confidence when talking to their clients. Revenue collection is the backbone of any government and so they will be very crucial in any economy. The role they play con hence never be underestimated.
Any serious government that is committed to service provision to its people should encourage the people in the field of revenue collection to go through this program. It will bring professionalism and seal all loopholes of revenue loss that the economy may face. It is of great importance.
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