Post by novaanglicana on May 1, 2020 14:22:47 GMT
Economic Modernization Act
Author: Rutger de Vries-Lau (UCP)
Sponsors: Joseph Yu (UCP), Jakob van der Hegel (NVP), Susilo Sri (UCP), Jan van der Stel (NVP), Willem van Aldenkamp (Reform)
Sponsors: Joseph Yu (UCP), Jakob van der Hegel (NVP), Susilo Sri (UCP), Jan van der Stel (NVP), Willem van Aldenkamp (Reform)
An act to provide for development of a modern Bandurian economy
BE IT THEREFORE ENACTED, as follows:
§1 - Economic Modernization Fund
- The Govt. of Banduria shall establish the Economic Modernization Fund (EMF).
- The EMF shall be used to provide capital to enterprises for the purpose of economic development.
- The EMF shall disburse funds based on the amount allocated to it by the Govt. of Banduria in the yearly budget.
§2 - Eligible Sectors
- Enterprises that operate in the following sectors shall be eligible for assistance from the EMF:
a. Commercial/investment banks
b. Development/production of software, computer/mobile applications, operating systems, other intangible technological products, and components for computers, mobile phones, or other related devices
c. Development/production of medical technology
d. Development/production of pharmaceuticals
e. Development/production of agricultural technology
f. Development/production of aerospace technology
g. Development/production of zero-carbon energy production or storage technology
b. Development/production of software, computer/mobile applications, operating systems, other intangible technological products, and components for computers, mobile phones, or other related devices
c. Development/production of medical technology
d. Development/production of pharmaceuticals
e. Development/production of agricultural technology
f. Development/production of aerospace technology
g. Development/production of zero-carbon energy production or storage technology
§3 - Types of assistance
- There are three types of assistance which shall be offered by the provisions of this Act:
a. Grants
b. Loans
c. Import Tariffs
2. Grants are monetary assistance which do not need to be repaid to the EMF, and shall be offered to enterprises with 250 or fewer employees.
3. Loans are monetary assistance which do need to be repaid to the EMF, and shall be offered at reasonable interest rates to enterprises with 251 employees or greater.
4. Import tariffs shall be established as necessary on products which directly compete with sectors eligible for assistance under this Act, and shall be established by the Ministry of Finance.
b. Loans
c. Import Tariffs
2. Grants are monetary assistance which do not need to be repaid to the EMF, and shall be offered to enterprises with 250 or fewer employees.
3. Loans are monetary assistance which do need to be repaid to the EMF, and shall be offered at reasonable interest rates to enterprises with 251 employees or greater.
4. Import tariffs shall be established as necessary on products which directly compete with sectors eligible for assistance under this Act, and shall be established by the Ministry of Finance.
§4 - Requirements
- All enterprises wishing to receive assistance under this Act shall apply to the Ministry of Finance.
- All enterprises shall present all relevant information about their business and what the assistance is to be used for.
- It shall be in the discretion of the Ministry of Finance to reject applications.
- Applicants shall not be discriminated against on the basis of race, ethnicity, color, creed, class, gender, sexual orientation, age, disability, or political affiliation.
- No enterprise shall receive assistance which is owned wholly or in part by a member of the Govt. of Banduria or the Parliament of Banduria, or spouse of a member.
- No enterprise shall receive assistance which is owned by a first- or second-degree relative of a member of the Govt. of Banduria or the Parliament of Banduria, unless said ownership consists of 10% or less of the enterprise.
- No enterprise shall receive assistance unless at least 40% of that enterprise is owned by a Bandurian citizen(s).
- No enterprise which has received a loan from the EMF shall receive further assistance until the loan has been paid back in full.
- No enterprise may receive financial assistance from the EMF in the same calendar year in which it has already received assistance.
- All enterprises which receive assistance under this Act shall establish job-training, apprenticeship, education, and recruitment efforts as appropriate to increase the number of Bandurian citizens with the requisite skills to work in sectors eligible for assistance under this Act.
- The workforce of all enterprises which receive assistance under this Act shall consist of at least 25% Bandurian citizens at the time of the assistance and at least 70% five years from the date of the first assistance received. If this second target is not met, any grants given shall immediately convert to loans and any loans given will incur an additional monetary penalty equal to 50% of the initial amount of the loan. Additional grants/loans to the same enterprise before the five year period has ended shall be contingent upon progression towards the second target.
- All enterprises which receive assistance under this Act shall be subject to yearly audit by the Ministry of Finance and enterprises which are found to have committed fraud with the monetary assistance provided are to be prosecuted.
