It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Tax on turnover vs tax on profits

page: 1
4

log in

join
share:

posted on Feb, 24 2021 @ 05:38 PM
link   
While it is relatively easy to avoid tax on profits (Corporation Tax here in the UK), would a tax on turnover be less easy to avoid?

Avoiding taxes on profits is used to the advantage of corporations willing and able to implement the regimes and legal infrastructure necessary. Businesses can use capital purchases, leasing (including leasing their own corporate brand names to themselves), franchising fees, offshore business centres, large donations to charitable funds owned and run by the corporate entity, etc. My accountant told me there are more tax reduction, avoidance and evasion schemes than there are tax collectors in the UK.

We have a sales tax already (Value Added Tax) applicable to most products and services and has variable rates from 0% to 20%.

Would a tax on turnover, albeit a very small percentage, be a better way of generating revenue for the State? The only issue I can think of is what to do about collecting taxes on overseas sales.

Does anyone know f this system has been tried before?



posted on Feb, 24 2021 @ 05:45 PM
link   
A transaction tax has been touted for sometime. For every transaction made, 1p is paid in tax. There are millions of transactions made every day, so you can imagine how much this would generate.

The tax laws need to be revamped in the U.K, but whilst we have the landowners party in control of the revenue and customs, this is extremely unlikely to happen.

I know taxation is a filthy word for many, but if we demand security, public services and research, it’s needed.



posted on Feb, 24 2021 @ 06:20 PM
link   

originally posted by: Cobaltic1978
A transaction tax has been touted for sometime. For every transaction made, 1p is paid in tax. There are millions of transactions made every day, so you can imagine how much this would generate.

The tax laws need to be revamped in the U.K, but whilst we have the landowners party in control of the revenue and customs, this is extremely unlikely to happen.

I know taxation is a filthy word for many, but if we demand security, public services and research, it’s needed.



We have a goods and services tax that we were promised we would never, ever get. Taxes are fun, especially if you smoke or drink!



posted on Feb, 24 2021 @ 06:25 PM
link   

originally posted by: Cobaltic1978
A transaction tax has been touted for sometime. For every transaction made, 1p is paid in tax. There are millions of transactions made every day, so you can imagine how much this would generate.

The tax laws need to be revamped in the U.K, but whilst we have the landowners party in control of the revenue and customs, this is extremely unlikely to happen.

I know taxation is a filthy word for many, but if we demand security, public services and research, it’s needed.



Taxes aren't the problem. It is unchecked spending. Most people realize you have to contribute to government financially. The issue is when that money is constantly being pissed away and government continues to ask for higher taxes.

I favor a low flat tax. The simpler the better. Something like 5 or 10 percent and that's it. No deductions write off or anything.



posted on Feb, 24 2021 @ 06:47 PM
link   
a reply to: TerraLiga

The problem isn’t revenue, it’s spending.
There gets to a that expenses like excessive tax makes it too much bother to run a business.
I’m a business owner myself and I would much rather buy some new equipment with extra revenue than send it to the government.



posted on Feb, 24 2021 @ 10:14 PM
link   
If you sell a product that costs you eighty five cents to produce and it sells for a buck, you only make fifteen cents on the product. If you sell a lot of them you can make a lot of money, but if you are taxed on the whole price you might wind up loosing money. Some people have products that cost twenty cents and sell them for a buck, taxing by the turnover would make them way more profits. Pharma companies sell a month supply of pills for three grand yet the cost is ten bucks, you have to tax by profits...although the Pharma companies don't seem to pay much taxes because they use multiple corporations to distribute the meds and weasel out profits out of each one with less tax.



posted on Feb, 25 2021 @ 02:45 AM
link   
If we take for granted that government spending is inevitable, whatever the tax rate or collection method, then we have to make the tax system more efficient and fair for everybody.

Taxes on profits are easy to manipulate. Many businesses already do it to pay less tax, and it is currently legal. A tax on turnover at a low rate of, say, 1% or 2% would be unavoidable. This would be applied to the published accounts of that business. To reinforce fairness and accuracy, false accounting by the business AND the accountancy firm would carry a minimum termed sentence.

You could easily make cut-offs, for example any business with a turnover of less than 50k would not need to make any tax payments.

What are the flaws of this system? What are the benefits? Has it been tried before?



posted on Feb, 25 2021 @ 02:47 AM
link   
a reply to: Edumakated

5% or 10% of what?



posted on Feb, 25 2021 @ 03:01 AM
link   
It is our god-given duty to avoid taxes whenever and however (legally) possible. Taxes are theft. Government is useless.



posted on Feb, 25 2021 @ 12:18 PM
link   
Taxes pay for public services, like building and maintaining roads, trash disposal, healthcare, law enforcement, unemployment benefits and countless other things. Unless you live in the third world you need to pay tax for government agencies to do these things. Cheap snipes are not what I'm looking for.



posted on Feb, 25 2021 @ 01:35 PM
link   
The transaction tax was looked at as a way of funding a Universal Basic Income - the VAT tax is the better answer as it is already universally accepted and almost identical anyway. I think it would be sensible to keep corporate taxes as they are -however raising the VAT to fund a UBI while reducing personal income taxes has been proven to better advantage the biggest proportion of the population - over 90%. Can direct to this work if anyone interested. a reply to: Cobaltic1978



posted on Feb, 25 2021 @ 03:00 PM
link   
a reply to: TerraLiga

I think, as a consumer, it doesn't matter what gets taxed, but rather, it matters how much more in taxes you want to have passed on to YOU for everything that corporations / businesses must pay. Personally, I don't really want to pay any more for the things and services that I buy, than I already do ... because damn, everything is already getting only more and more expensive as it is!



posted on Feb, 25 2021 @ 04:57 PM
link   
a reply to: Bluntone22

You could pay your employees more or give them bonuses instead of extra equipment too. Just saying.



posted on Feb, 26 2021 @ 04:26 PM
link   
Prices will go up because resources are finite and demand for them grows year on year. The same can be said of public services. Foreign trade, tax revenues and debt are the only way these costs are paid for.

Taxation must be proportional, but it is not when you tax profits because profits can be hidden.



posted on Feb, 26 2021 @ 05:49 PM
link   
The idea of "tax" in America?.. Is a violation of "the law/C.O.T.U.S"!.. It is an "unlawful" tax!..The C.O.T.U.S. "lawfully".. Gives "government" a way, to "collect a tax". .
Obviously?...
That's not how it is being done!....
It's going to take a lot of "uneducated/indoctrinated" idiots, to un-F this #!

Don't "shyt yourself"!.. There's plenty of "60" year old, Americans, that are still able to go to war, ...to save you from yourself.



posted on Feb, 27 2021 @ 08:01 AM
link   

originally posted by: Cobaltic1978
A transaction tax has been touted for sometime. For every transaction made, 1p is paid in tax. There are millions of transactions made every day, so you can imagine how much this would generate.

The tax laws need to be revamped in the U.K, but whilst we have the landowners party in control of the revenue and customs, this is extremely unlikely to happen.

I know taxation is a filthy word for many, but if we demand security, public services and research, it’s needed.



IT wold disproportionately hit people who aren't able to purchase in bulk. Small businesses that can't maintain much inventory would suffer as would people who have to make regular small purchases in local stores rather that buying in bulk in an out of town store.

Mom and pop stores would be hit the hardest, while companies like Walmart would see a reduction in their tax.



posted on Feb, 27 2021 @ 08:02 AM
link   

originally posted by: murphy22
The idea of "tax" in America?.. Is a violation of "the law/C.O.T.U.S"!.. It is an "unlawful" tax!..The C.O.T.U.S. "lawfully".. Gives "government" a way, to "collect a tax". .
Obviously?...
That's not how it is being done!....
It's going to take a lot of "uneducated/indoctrinated" idiots, to un-F this #!

Don't "shyt yourself"!.. There's plenty of "60" year old, Americans, that are still able to go to war, ...to save you from yourself.




It don't like having to pay tax, but I like having things like paved roads and cops patrolling them. So I pay what I owe.




top topics



 
4

log in

join