Developed and developing countries of the world generate most of their government’s revenues from direct and indirect taxes. However, tax evasion is very common and could be serious leading to significant losses.
Direct Taxes are taxes that are directly paid to the government by the taxpayer. Income tax or corporation tax are examples of taxes applied on individuals and organizations directly by the government. Indirect Taxes are applied on the manufacture or sale of goods and services. Value Added Tax is a type of indirect tax levied on consumption where value of goods and services increases as they charge in course of distribution and the end sales of consumers. VAT/ Sales Tax is supposed to produce a substantial amount as a veritable source of Government Revenue.
iGLMS works with Governments and merchant helping to deploy innovative programs and systems that will minimize the losses in VAT collection. Our solutions help to resolve:
- Merchants that do not report sales transactions to the Government
- Offline cash registers with no audit trail or centralized control and reporting
- Retailers that evade to provide sales receipts
- Consumers that do not ask for sales receipt