Puntland Government Registering Businesses For Taxes

[DR OSMAN]

 

[DR OSMAN]

I support the Registration of Large-Medium-Small businesses. But how can we be certain the income they earn is genuine and not 'cooked up' figures by them. Do we have 'estimation' formula for what each business trade is worth daily, monthly, quarterly, yearly?

Do we we make it a legal requirement all businesses must keep receipts of they're transactions, sales, purchases, expenses, etc. How are we going to ensure Puntland government isn't being swindled by businesses who can under-declare they're revenues and therefore pay no or little tax.

This worries me a-lot and I have yet to see a system. I would like to see dual system of 'estimation formula'. We mus send a Dept of Finance worker to inspect business trade for a day and we can work out the output and trading activity to be predicted for the week, month, quarter, or year. I also want to see they keep receipts of they're expenses, sales, etc. We can balance the books for each business then using estimation formula and predictions against receipts they keep and declare what the tax rate for they're revenues.

What is Puntland taxation rate. I hope it's based on 'revenues' or 'income' levels. We don't want a flat rate system, we should create income brackets and business revenue brackets. If a business earns more then 1 million dollars a year and under 2 million, we should have a 'tax rate' for that. We need to create revenue rates and taxation rates that compliment it. It's a more just system. If you earn more, you pay more, it's a simple as that.