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Funding a business
The Effect of a cashless policy on Tax Revenue
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[QUOTE="Yakub02, post: 300990, member: 94426"] During the period of cashless implementations, it would always go with one effect or the other as far as tax management is concerned. The under listed are discussed as part of manifestation of Tax revenue in amidst cashless policy. [B]-INCREASED TRANSPARENCY -[/B] With a cashless system, it becomes easier for tax authorities to track financial transactions and identify sources of income. This can help in reducing tax evasion and increasing tax revenue. [B]-RESISTANCE FROM CASH-DEPENDENT BUSINESSES AND INDIVIDUALS - [/B]The transition to a cashless system can be difficult for some businesses and individuals who are used to dealing in cash. This can lead to resistance and non-compliance with the new system, affecting tax revenue. [B]-WIDER TAX NET- [/B]A cashless system can help in expanding the tax net by bringing more people and businesses into the formal economy. This can lead to increased tax revenue for the government. [B]-IMPLEMENTATION COST- [/B]Implementing a cashless system can be expensive, both in terms of technological infrastructure and administrative costs. This can have a negative impact on tax revenue in the short term. [B]-IMPROVED COMPLIANCE- [/B]A cashless system can help improve compliance with tax laws and regulations by making it easier for taxpayers to report and pay taxes electronically. [B]-CYBER SECURITY RISK - A[/B] cashless system is vulnerable to cybersecurity threats, such as hacking, identity theft, and fraud. This can result in loss of tax revenue if sensitive financial information is compromised. [/QUOTE]
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