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The global economic recession can be successfully checked and reversed if this new and common economic system is adopted and implemented by all nations. The availability of resources and capital......
The global economic recession can be successfully checked and reversed if this new and common economic system is adopted and implemented by all nations. The availability of resources and capital flows, needed for economic recovery, is the self-priming character of this new economic system without Government’s fiscal stimulus packages. This new economic system involves a new tax system, a new monetary system, a new money supply system, a new banking finance system and a new fiscal policy.
1) This new economic system contains a new tax system without multiple taxes, tax laws, tax collection departments, tax tribunals and tax enforcement agencies. Citizens need not maintain separate account books and submit tax returns annually for paying either Direct taxes on personal incomes or Indirect taxes while running business or industry. That means there will be no tax collection expenditure for the Government and absolutely no tax compliance cost for citizens in paying either Direct taxes on personal incomes or Indirect taxes while running business or industry. Thus 6.9 billion people of the world will be relieved from the cobweb of ambiguous and complex tax structures, plethora of tax laws, mandatory and cumbersome accounting, auditing, tax returns and consequent quagmire of all tax related cases.
2) New banking finance system:- Taxation, tax collection, tax enforcement, tax compliance, allocation of revenues to various ministries or departments and money supply into the economy are unified and integrated in the banking system. Budget preparation and presentation will become simple and easy. In this economic system the banks/service centres will become virtually the intermediaries between people and the Government for all tax collections and redistribution of funds/revenues from the Government to people, who should be the natural, eligible and legitimate recipients while eliminating whales, parasites and limpets
3) New monetary system and money supply;- This new economic system shall be operated at minimum operating cost with limited paper currency (0.4%) and dematerialised money (99.6%) of the total money available in the economy in the particular country, thereby totally eliminating black money, tax evasion, fake currency, corruption and extortions.
4) In this new economic system, the interest rates on loans will be only under 3% per annum giving huge fillip to facilitate economic recovery without need for Government’s economic stimulus packages. This new economic system will help people get loans instantly (within five minutes) and without any hassles. The conversion of people’s assets into liquid money and vice versa will become as easy and simple as all assets namely, movable and immovable properties, shares, money will be recorded, stored, maintained, bought or sold and used from their single account called MSA.
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