David Cameron once said, “Economy is the start and end of everything”. Growing economics that fail to strengthen their tax administration miss a valuable opportunity to create long-term fiscal stability.

There are multiple emerging challenges that can undo the benefits of growing economies. Out of all the challenges, one of the most overlooked making the tax administration more strong and effective. The successful administration allows the economy to tackle down all the challenges of the growing economy while ensuring the stable flow of revenue for a long time.

In many nations, tax administrations are working at their best and sound. While it is not easy to make the changes especially in the emerging market. Countries that fail to optimize the rapid growth of economic growth miss a much-needed opportunity to provide quality life to their citizens. In a rapidly developing economy, 10 to 15 percent of tax revenue is manageable. Through the below, post readers will learn about the ways to unlock tax revenue collection in a rapidly growing market. Students who are writing on the same subject can hire revenue law assignment writers to learn more about the topic.

Ways to Unlock Tax Revenue in a Growing Economics

  • Focus on environment, auditing process, and tools: The fast-growing economy often creates an opportunity for tax envision and may also encourage the noncompliance culture. This is something that should be avoided at any cost. Regular auditing will not only put a stop to the tax envision attempts but also make a strong signal to tax administrators to priorities aggressive enforcement.
  • Ensure regular updates in the tax registry: It has been witnessed that most of the growing economics face difficulties while maintaining an accurate tax registry. The main reason behind this is; much of the economy is made of informal and small businesses and government tax authorities lack the internal control necessary to ensure these entities stay intact in the system. To overcome this issue, the taxation system should be made more rigorous and feedback systems should be introduced. In addition, quick controls can be given to raise the alarm if any taxpayer fails to comply with obligations.
  • Use electronic channels for simple payments: In a growing economy, mobile penetration is quite high. Therefore, tax administrators can also introduce electronic channels such as ATMs, mobile payment options, internal portals for simple payments. By using these channels, tax administrators can actually increase voluntary payments among the taxpayers. This eliminates the necessity to stand in a queue to pay taxes and removes the barrier to compliance.
  • Spread the words about the benefits of a quick win: When it comes to establishing communication to taxpayers, the programmer should highlight three main areas; promoting the benefits of paying taxes, increasing their perception about the risk of non-compliance, and educating them to comply.

The communication structure must include both initiative and institutional messages. It can be used to trigger an emotional element. For example; -linking the tax expenditure to the funding for school can be informative.

Students who have hired revenue law assignment paper writing should understand that maintaining the flow of revenue is necessary to stabilize the growth.

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