Minimizing the Rising Inflation Rate Through Project -

E.P.T.T (Encouraging People to Pay Their Taxes)

Summary
The rising inflation rate is a significant issue affecting the economy and people’s
lives due to the failure of many people to pay their taxes. This leads to a decrease in
the quality of services and an increase in the inflation rate. To minimize the rising
inflation rate, the government can ensure a stable economy and a better standard
of living for its people. Encouraging people to pay their taxes can be done through
public awareness campaigns, simplifying the tax payment process, and applying
stricter penalties for tax evaders. By promoting fairness and equality, the
government will have more funds to invest in infrastructure projects, education,
healthcare, and other areas that can uplift economic growth and reduce inflation.
The proposed solution to the problem is to implement public awareness campaigns,
simplify the tax payment process, and apply stricter penalties for tax evaders. This
will help citizens, the government, and the country to create a more stable and
prosperous economy while reducing inflation.

Background of the Problem

The rising inflation rate is a significant problem that affects the economy and the
lives of many people. One of the reasons to this problem is the failure of many
people to pay their taxes. When people do not pay their taxes, the government has
less revenue to invest in public infrastructure, social welfare programs, and other
essential services. This leads to a decrease in the quality of this services and an
increase in the inflation rate.
By minimizing the rising inflation rate, the government can ensure a stable
economy and a better standard of living for its people. One way to discuss this
problem is by encouraging people to pay their taxes. This can be done through
public awareness campaign, simplifying the tax payment process, and applying
stricter penalties for tax evaders.
When people pay their taxes, the government will have more funds to invest in
infrastructure projects, education, healthcare, and other areas that can uplift
economic growth and reduce inflation. It also promotes fairness and equality in the
society, as everyone contributes their fair share to the development of the society or
country.
By addressing the issue of tax evasion and ensuring the people to pay their taxes,
we can create a more stable and prosperous economy for everyone and at the same
time it will also lessen the rising inflation rate. Their will be no more citizens that
will suffer in hunger because of the rising inflation rate.
Beneficiaries

This proposed project will be undertaken to find out the benefits of this study to
the following:

The Citizens
By encouraging them to pay their taxes by the said problem and the time has
come that the inflation rate is getting lower, the prices of goods and services will
not increase rapidly and this will allow the citizens to afford the same amount of
gods and services with their income.

The Government
The government will have more funds to invest in infrastructure projects,
education, healthcare, and other areas that can uplift economic growth and reduce
inflation.

The Country
When the inflation rate is lower, the economic growth of a country will rapidly
increase; hence, this will make the country’s development faster.
Proposed Solution to the Problem
We can minimize the rising inflation rate through project E.P.P.T.T (Encouraging
People to Pay Their Taxes) by implementing public awareness campaign,
simplifying the tax payment process, and applying stricter penalties for tax evaders.
Implementing a public awareness campaign can be an effective tool to minimize the
rising inflation rate. By educating the public about the causes and consequences of
inflation, individuals can make informed decisions about their spending and saving
habits. This can lead to a decrease in demand for goods and services, which can
help reduce inflationary pressures. Also, a public awareness campaign can also
encourage individuals to adopt more sustainable and responsible financial
practices. This can include budgeting, saving, and investing wisely. By promoting
financial literacy and empowerment, individuals can better manage their finances
and mitigate the impact of inflation on their personal budgets.
Simplifying the tax payment process can help lower the inflation rate by reducing
the administrative burden on businesses and individuals. When the tax payment
process is complex and time-consuming, it can discourage economic activity and
investment. Simplifying the process makes it easier for businesses to comply with
tax regulations, encourages entrepreneurship, and stimulates economic growth.
When tax evasion is prevalent, it reduces the government’s ability to fund public
services and infrastructure, leading to inflationary pressures. By imposing stricter
penalties, such as higher fines and criminal charges, it creates a deterrent effect
and encourages individuals and businesses to pay their taxes. This increases
government revenue, reduces the need for borrowing, and helps stabilize prices.