this post was submitted on 01 Jul 2024
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Haha it's a weird structure to incentivise cash. Why tax those transactions at all if people can choose not to be taxed?
It is strange, there are some operations that have 2 cash registers even. You get awaybwith it until you dont, and if you get caught its a heavy, heavy fine, penalties and interest.
Our accountant actually told us our first year we were reporting too much... but we have to play it as close to legit as possible because we are the ones who are still guests in this country.
Yeah here people get caught because most people are legit and the tax department knows what is a normal amount of cash for specific types of businesses. They can access electronic records, and see the final amount declared, so if it's too different you get audited. Normally it's not enough cash declared, but too much cash might look like money laundering 😆