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by Tumbra » Sun Aug 28, 2016 3:56 am
Order Paper
All times stated are tentatively 1830 UTC + 8 (Elizian Timezone) unless stated.
Sunday to Monday - Government Tax Revenue Act (Rt. Hon Raharjo Iskandar-Bambang)
Monday to Tuesday - Criminal Code (Rt. Hon John Chiu)
Tuesday to Wednesday - Federal Civil Service Act (Rt. Hon John Chiu)
Wednesday to Thursday - Oral Questions to the President
Thursday to Friday - Unemployment Insurance Clarification Act (Rt. Hon Raharjo Iskandar-Bambang)
Friday to Saturday - Voting on proposed bills
Saturday to Sunday - Voting on proposed bIlls
Government Tax Revenue Act
Author: Raharjo Iskandar-Bambang (Arkolon)
Sponsors: Government
An act to provide revenue for the Federation of Elizia and its political institutions.
BBE IT THEREFORE ENACTED by the Head of the State, by and with the counsel of the Government, and the authority of the Federal Parliament by virtue of the powers placed upon it by the Law, as follows:Definitions:
- Taxable income - income from employment, wages, salaries, commissions and self-employment earnings.
- Unearned income - income from trusts, rents, dividends, interest, annuities, royalties, and capital gains.
- Capital gains - Profit from the disposition, sale, and/or trading of a capital asset.
§1 - Personal Income Tax
a) The personal income tax shall be levied on all 'taxable income' of individuals at the following marginal rates:Taxable income between $0-$1,000 per annum shall be taxed at: 0%
b) Individuals will be considered 'tax-resident' if they are resident in Elizia for at least 183 days per year, and will then be subject to pay Personal Income Tax on their worldwide taxable income. If they are not 'tax-resident', they will only be liable for Personal Income Tax on domestically sourced taxable income.
Taxable income between $1,000-$2,000 per annum shall be taxed at: 27.5%
Taxable income between $2,000-$4,000 per annum shall be taxed at: 37.5%
All taxable income above $4,000 per annum shall be taxed at: 47.5%
c) Individuals who are tax-residents of Elizia and earn foreign-sourced taxable income shall be entitled to claim a 'foreign tax credit' for 100% of the corresponding income tax they have paid in the foreign country, which can reduce their Elizian tax liability. If their foreign income tax liability is greater than or equal to their Elizian income tax liability, they will owe no Elizian income tax. If their foreign income tax liability is less than their Elizian income tax liability, they will still be liable to pay Elizian income tax.
§2 - Corporate Profits Tax
a) Corporate tax shall be levied on all worldwide corporate profits, at a flat rate of 20%.
b) Corporations shall be entitled to receive a 'foreign tax credit' for corporate taxes paid in a foreign country. If the tax they paid in a foreign country is greater than or equal to their assessment for Elizian corporate tax liability, they will not owe any Elizian corporate tax. If the corporate tax they paid in a foreign country is lesser than their assessment for Elizian corporate tax liability, they will be liable to pay the difference.
c) Only domestically headquartered corporations will pay corporate tax on their worldwide profits. Foreign corporations will pay tax on domestic profits only.
§3 - Unearned Income Tax
a) The Unearned Income tax shall be levied on all 'unearned income' of individuals at the following marginal rates:Unearned income between $0-$5,000 per annum shall be taxed at: 19%
b) Capital gains from the sale of the main home shall be exempt from Unearned Income Tax, up to a limit of $250,000. The main home shall be defined as an owner-occupied principal residence of the taxpayer in which he or she spends the majority of the tax year living in.
Unearned income above $5,000 per annum shall be taxed at: 45%
c) Individuals will be considered 'tax-resident' if they are resident in Elizian for at least 183 days per year, and will then be subject to pay Unearned Income Tax on their worldwide taxable income. If they are not 'tax-resident', they will only be liable for Unearned Income Tax on domestically-sourced taxable income.
d) Individuals who are tax-residents of Elizia and earn foreign-sourced taxable income shall be entitled to claim a 'foreign tax credit' for 100% of the corresponding tax they have paid in the foreign country, which can reduce their Elizian tax liability. If their foreign tax liability is greater than or equal to their Elizian tax liability, they will owe no Elizian tax. If their foreign tax liability is less than their Elizian tax liability, they will still be liable to pay Elizian tax.
§4 - Value Added Tax
a) Businesses with an annual turnover of more than $1,000 must register to pay Value Added Tax, a consumption tax paid by businesses on the value added to a good or service.
b) Goods and services that are not charged at special rates as listed below, will be charged VAT at a 'standard rate' of 12.5%.
c) Some goods and services will be charged at a 'reduced rate' of 6.25%, listed below:i.) Smoking cessation products
d) Some goods and services will be charged at a 'zero rate' of 0%, listed below:
ii.) Over-the-counter medicines
iii.) Sanitary napkins
iv.) Birth control products not subsidized by the Ministry of Health
v.) Books
vi.) Educational tuition fees and health insurance premiums
vii.) Solar panels and housing insulationi.) Fresh fruits and vegetables
e) VAT shall be charged on imported goods and services shall be liable import by a business, or by an individual.
ii.) All financial services, including loan repayments
iii.) Central and municipal government tax bills
iv.) Donated goods and services sold by not-for-profit entities
v.) Diapers and baby food
vi.) Prescription medicines not subsidized by the Ministry of Health
vii.) Fees for publicly provided services, such as public transportation ticket fees
viii.) Rent for residential accommodation
ix.) Government procurement
x.) Residential energy and water bills
f) The National Revenue Service shall be required to release a specified list of goods and services charged at reduced and zero rates based upon interpretation of the law, and companies shall be able to receive a judgement from the National Revenue Service on whether one of their goods or services is eligible.
§5 - Miscellaneous
a) Taxes shall be collected, and credits distributed, via the provisions of the National Revenue Service Establishment Act.
b) All $ figures are in USD.
by Nariterrr » Sun Aug 28, 2016 9:12 am
by Tumbra » Sun Aug 28, 2016 9:31 am
Nariterrr wrote:A point of order, Mr. Chair, the Commission of Court Aediles Act was deposited after the Emergency Policing Act, thus, it should be the one being debated."
by Nariterrr » Sun Aug 28, 2016 9:54 am
by Tumbra » Sun Aug 28, 2016 10:17 am
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