Many of the cash retailers mainly in Douglas do not declare their true takings and our government staff are not thorough enought to check this out.

There is and has been many of the cash retailers here not paying our low taxes for years which is very sad that they do not.

It is known that our checking of this is not up to the standard of what it should be.

Let us take for instance what is declared by the retailer which saqy represents 100%.

Out of this 100% there is wage costs, stocks & profit which is reasonable to say about a third each.

Using this simple platform, it is simple to check the supply of stock to them, correct ?

Now if that is from a local supplier then that supplier to the retailer can be verified by way of their bookwork to match up the stocks.

This is still not foolproof as the supplier can be paid the full cost for the stock in cash but only enter say 50% of what the retailer took and this is just one area the retailers are avoiding the taxes here at present.

There is also the delivery of fast food here as this area of supply is not declared to the government when the tax declaration is due.

Where ever there is cash paid out with no recipts, then the government is missing out.

This is not a innovative idea as it is just were our government staff are presently missing out on. 

The building trade is also equally as culperble in this area and the taxis here is cash rich.


Why the contribution is important

Treasury is trying to save money.

Is not getting more money IN equally as important ?


by orlando55 on April 05, 2017 at 12:56PM

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