Method of Taxation and Tax Collection
OwnerAlf Temmeinventor
Life of this patent
Estimating the term…
Abstract
Fund transfer transactions within an economy are monitored at a selected level, such as at entry into the banking system and exit from the banking system. Every transaction is processed at its exit and its entry points to the banking system by deducting from the transaction value an equal percentage at both exit and entry points. The bank collects data about substantially all transactions to show at least the tax nexus of a transacting party. Certain collected data can trigger special processing methods that cause deduction of tax at an alternate rate or direct some of the tax to a specially designated recipient. The bank transfers the collected tax to the bank's tax jurisdiction or to one or more tax jurisdictions that the collected data shows to have a tax nexus to one or more transacting parties.
Claims21
A method of providing tax revenue to a tax jurisdiction, comprising:
- first, determining a rate for taxation by periodically establishing a budget for the tax jurisdiction;
- predicting a value of monitorable money movement transactions having a nexus to the tax jurisdiction for the budget period;
- and setting a rate of taxation at least at the percentage of the predicted value of money transfer transactions needed to produce the budget;
- second, collecting a tax by deducting the set tax rate percentage from the value of substantially all monitorable money movement transactions having a nexus to the tax jurisdiction;
- and
- third, distributing the collected tax to the tax jurisdiction.
A method of providing tax revenue to a tax jurisdiction, comprising:
- first, determining a rate for taxation for the tax jurisdiction according to a percentage of the monetary value of money movement transactions having nexus to the tax jurisdiction;
- second, collecting a tax on the value of a money movement transaction at the determined rate for taxation during bank processing of said money movement transaction;
- and
- third, distributing the collected tax to the tax jurisdiction.
Dependencies are inferred from the claim text.