This system relies on citizens to report their income, calculate tax liability and file tax returns on time.
A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time.
a system whereby citizens are expected to prepare and file appropriate tax returns
A program that allows banks, businesses, government agencies and other entities to turn over unclaimed assets to all participating states without the fear of penalties or interest. The Voluntary Compliance Program is an attempt to alleviate the reluctance of holders to report their abandoned funds.
An assumption or principle that taxpayers will comply with tax laws and, more importantly, accurately report their income and deductions honestly.
Voluntary compliance is one of possible ways of practising corporate social responsibility.
