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Banking Redefined

Author

Listed:
  • varma, Vijaya krushna varma

Abstract

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. There will be no Direct and Indirect taxes, 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. There will be no tax collection expenditure for the Governments and no tax compliance cost for the people. Yet, the tax revenues from only single tax called “TOP Tax”, collected by banks, will be 30 to 40% more when compared to tax revenues accrued from all taxes in the present tax system.

Suggested Citation

  • varma, Vijaya krushna varma, 2010. "Banking Redefined," MPRA Paper 38852, University Library of Munich, Germany, revised 12 Mar 2012.
    • Handle: RePEc:pra:mprapa:38852
    as

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    More about this item

    Keywords

    banking redefined; banking system; banks;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance

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