TITLE:
A Fiscal Policy Foresight Tax Model, Shadow Economy Reduction, and E-Payment Institutionalization as a Result of Knowledge Management
AUTHORS:
Nikolaos Varotsis
KEYWORDS:
Foresight, Knowledge Management, Fiscal Policymaking, E-Payment Behavior, Knowledge Economy, Shadow Economy
JOURNAL NAME:
Theoretical Economics Letters,
Vol.12 No.6,
December
30,
2022
ABSTRACT: Foresight is the key for the economy, the business environment,
and by extension society and politics to face various risks under conditions of
uncertainty, which is becoming the norm as we progress through the 21st
century. This paper proposes a wealth-based income tax model with an obligatory
electronic transaction legal framework to advance fiscal knowledge management
in Greek government. The research was conducted using an online questionnaire
that was distributed to Greek tax payers via the snowball method. Linear
regression was used to examine the associations between the variables. The
research results provide insight into the factors driving the enhancement of
tax revenue collection via artificial intelligence software after the widespread adoption of e-transactions. A fiscal tax
e-payment reform policy based on an artificially intelligent tax foresight
model succeeds in reducing income disparities caused by overtaxing honest
taxpayers, thereby shrinking the shadow economy. With the widespread adoption of e-payments and complete
digitization of financial transactions, the results of this study can serve as
a foundation for the advancement of fiscal knowledge management and compliance
with tax behavior. This study emphasizes the importance of planning ahead for
taxes and coordinating information in order to reform fiscal policy for the
better.