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Australian government introduces a new deal to crack down on black economic! Starting next year, cash transactions of more than 10, 000 patacas or convictions

 
[Social News]     21 Aug 2019
Australia`s government will take effect in January 2020 with a new law to crack down on "black economic," according to the Daily Mail, when Australians will not only be fined up to 25200 Australian dollars in cash in Australia, but will also be sentenced to up to two years in prison.

Australia`s government will take effect in January 2020 with a new law to crack down on "black economic," according to the Daily Mail, when Australians will not only be fined up to 25200 Australian dollars in cash in Australia, but will also be sentenced to up to two years in prison.

Australian government introduces a new deal to crack down on black economic! Starting next year, cash transactions of more than 10, 000 patacas or convictions

The law, announced as early as the federal budget for fiscal year 2018 / 19, is an important part of the fight against "black economic", and some stakeholders have called on federal government to withdraw the law.

According to the Treasury website, "black economic" refers to people who operate entirely outside the tax and regulatory system. Australia`s "black economic" of government, which says on the Treasury`s website, contains a number of practices, including underestimation of revenue, payment and acceptance of cash salary and welfare fraud.

The Australian government team, which specializes in cracking down on "black economic", believes that cash transactions between companies and individuals are limited to 10000 Australian dollars, helping to curb tax evasion, money laundering and other crimes. Groups that do not support the law argue that the passage of the law will affect industries such as cars, ships, housing and construction, and could provide excessive cash control to banks facing strict review under the Royal Banking Commission.

Economics`s John Adams says the law`s proposal is not only stifling the idea that most banks will gain more cash control, but also an attack on citizen freedom. He says Australians should have an independent citizen rights. To protect their private property

Government stressed that the law will not affect private transactions, such as individual-to-individual petty cash transactions, nor will it affect cash payments between individuals and financial institutions.

This law, if adopted, will take effect on 1 January 2020, and there will be more than 10,000 Australian dollars in cash, both the payer and the recipient, and will be convicted.

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