In an economy challenged by so many factors, it requires understanding over the philosophy of taxation in order to collect revenue. Economic framework of a country depends on its fiscal and monetary policies. Monetary policy depends on the nation’s central bank to influence the supply of money and interest rate in an economy. When it comes to fiscal policy, it is about taxation and expenditure module designed by the government. Taxes are levied on income, custom duties, central excise, service tax, and so on by the public authorities at the centre and state. There are some areas in revenue where collecting the tax is thrived with bottlenecks leading to poor collection. The bottlenecks could be in terms of:
- Inadequate tax laws
- Issues in compliance
- Inappropriate tax payment system
- Issues in enforcing, etc.
In addition to these issues, professional in revenue departments could encounter en-number of problems which might be complicated to deal with. It requires understanding the behavior of taxpayers and their obligations to do so. In this regard, the requisite is to have handful of accurate data to interpret and analyze in context to tax collection.
Guires as consultancy service provider is equipped with big data analytics to deal with various aspects of revenue including the fraud detection as well. Therefore, the responsibility is not only to collect revenue but persuading and providing useful information related to tax planning and compliance.
The experts we have better understand the existing tax structure and also have the insights over the mechanism of tax collection for improvement in revenue collection. We provide guidance and consultancy service in various areas such as:
- Accurate target of taxpayers
- Augmenting the tax compliance guidelines
- Exact leverage of resources
- Streamlining the rules of taxpayers
- Making appropriate decisions
- Bring a change in auditing system
- Increased operational efficiency
- Case management
- Customer relationship management
- Firm analytic potential
- Measures to curb noncompliance
- Usages of technology for improved tax processing system, etc.
All these measures would assist the personnel of revenue department for dealing with overall performances. Moreover, the level of efficiency will reach to the next level while minimizing the operational cost. Another advantage is our measures will help in influencing the tax payers and adopting strategies in context to their behavior. Consult our experts to deal with any areas of revenue collection and tax compliance issues.