Agarntrop wrote:Taxation Act
Author: James Penta
To create a fair, independent and realistic taxation system in St Hilda
BE IT THEREFORE ENACTED, as follows:
§1 - Repeal
- All previous taxes placed on St. Hilda shall be repealed by this bill
§2 - Income Tax
- Annual income below 150,000 Kr shall not be taxed
- Annual income exceeding 150,000 Kr but not exceeding 300,000 Kr shall be taxed at a rate of 10%
- Annual income exceeding 300,000 Kr but not exceeding 450,000 Kr shall be taxed at a rate of 20%
- Annual income exceeding 450,000 Kr but not exceeding 1,000,000 Kr shall be taxed at a rate of 30%
- Annual income exceeding 1,000,000 Kr but not exceeding 1,500,000 Kr shall be taxed at a rate of 40%
- Annual income exceeding 1,500,000 Kr but not exceeding 5,500,000 Kr shall be taxed at a rate of 45%
- Annual income exceeding 5,500,000 Kr shall be taxed at a rate of 50%
§3 - Corportate Tax
- Corporations entirely residing within St Hilda shall be taxed at a rate of 15%
- Corporations residing within St Hilda but which have operations in other countries shall be taxed at a rate of 25%
§4 - Inheritance Tax
- Inherited wealth exceeding 5,000,000 Kr shall be taxed at a rate of 30%
§5 - Capital Gains Tax
- Capital Gains that do not place an individual into a higher income tax band shall be taxed at a rate of 12.5%
§6 - Payroll Tax
- Annual salaries paid by an employer that exceed 1,000,000 Kr shall be taxed at a rate of 5% before then being subject to income tax
§7 - Value Added Tax
- Value Added Tax shall not apply to food excluding food products under the 20% rate, water, real estate sales or rent, clothing and healthcare charges.
- Value Added Tax shall be 20% for tobacco products, alcohol products, substances containing sugar in excess of 50 grams, substances containing salt in excess of 5 grams and substances containing caffiene in excess of 100 miligrams
- Value Added Tax shall be 10% for all unspecified goods and services
§8 - Property Tax
- A separate tax of 10% shall be levied on the sale of real estate
§9 - Carbon Tax
- Every metric ton of carbon produced shall be subject to a 500 Kr tax
§10 - Fuel Tax
- Fuel shall be taxed at 5%, in addition to Value Added Tax and Carbon Tax
§11 - Tobacco and Alcohol Tax
- Tobacco and Alcohol products shall be subject to a 10% tax, in addition to Value Added Tax
§12 - Enforcement
- Taxes shall be enforced by the Ministry of Revenue, which shall be headed by the Revenue Minister upon coming to term. The Revenue Minister shall be appointed by the Prime Minister upon coming to term.
"This is..erm..excessive. I'd like to ask several questions.
A: First off, why are income taxes so high? We're an island nation, not Finland.
B: What about corporations with their HQ in Saint Hilda that operate elsewhere?
C: If a product exceeds both, say, 5 grams of salt and 50 grams of sugar, would it be taxed at 20% or 30%?
D: Define fuel. Do you mean petroleum? What does this mean for, say, electric cars or those that run on biomass? How would the government know why someone buys, say, compost or leaves?"