Under the present system, governments face many difficulties in accounting for sales tax dollars because tax authorities are not equipped to effectively interact with businesses. As a result, businesses:
- Many businesses have added time and expenses in filing their sales tax returns.
- Many businesses have inaccurate sales tax reports due to poor record keeping (or no record keeping)
- Many businesses suffer substantial revenue loss due to employee theft.
- Legitimate businesses suffer tremendously due to unfair competition from the "underground economy".
For the first time, government tax authorities and businesses will have a platform on which to exchange tax information. ATRACS patented tax collection system will allow tax authorities to communicate with businesses quickly and efficiently. Then new system is simple and it benefits the business and the consumer, as well as the respective tax authority. As a result business:
- Will not need to spend long hours or added expenses in calculating sales returns.
- Will now have all sales recorded, virtually eliminating employee theft.
- Legitimate businesses will no longer be victimized by the "underground economy".
- Will no longer have to pay expensive monthly charges to lease credit card terminals.
- Will have indisputable sales tax due reports which will allow agents to concentrate on other issues.