buy modafinil sydney Worst of all, current sales tax systems lead directly to the loss of billions in sales tax revenue that states and their local governments desperately need.
Delinquencies and non-compliance results in significant sales tax revenue leakage:
– Empirical analysis has identified actual noncompliance rates for sales tax are a minimum of 10 percent and may be as high as 28 percent.
– Tax losses from Zappers and related frauds in the Massachusetts restaurant industry alone could exceed $600 million.
– Many states, such as Indiana, do not even know how much sales tax they are owed.
– Connecticut Sales Tax delinquencies alone (does not include non-compliance) are between 4% and 5%.
– California has reported that its sales tax gap (not including its use tax gap) exceeds an estimated $1 billion each year.
– Florida’s annual sales tax gap of taxes collected from customers but not paid to the state is estimated to be as much as $2 billion.
– Longer remittance times of sales tax cash collected materially negatively impacts state and local cash generation and the costs of doing business.
– Reduces the millions of dollars of interest float that cash on hand would deliver.
– Increases debt burden costs as more borrowing is required to satisfy operating cash flow needs.
– Modernizing the antiquated and inefficient sales tax collection process is ripe for improvement as it currently results in significant revenue leakage in every state to the tune of hundreds of millions of dollars every year.
Right now, states are the only one not getting any money in “real-time” during a retail transaction. In fact, when you talk to the average taxpayer, most people when asked are shocked that no sales and meals tax revenue go to the state and locality when it is paid by the consumer. The good news is that by leveraging existing technology and infrastructure, states can make sure that sales and meal tax dollars go to where they are supposed in a timely fashion: to schools, parks, infrastructure, and basic services.
The STAC methodology empowers states to make changes that will literally revolutionize their sales tax administration. It will put them at the forefront as a national model for how to do sales tax correctly, how to lift a burden off businesses, and how to ensure the prompt delivery of sales tax dollars which belong to the state.
The potential here is so dramatic and the reasons for doing it are so important that there should be no hesitation in the implementation to move this antiquated unsuitable system into the modern age. Take advantage of the current technologies. Use those technologies to make this a straightforward process.