Post by novaanglicana on May 13, 2020 18:37:25 GMT
Revenue Act
Author: Rutger de Vries-Lau (UCP)
Sponsors: Joseph Yu (UCP), Willem van Aldenkamp (Reform), Floortje Cheung (UCP), Susilo Sri (UCP), Yazhu Zhang (DP)
Sponsors: Joseph Yu (UCP), Willem van Aldenkamp (Reform), Floortje Cheung (UCP), Susilo Sri (UCP), Yazhu Zhang (DP)
A bill to provide revenue for the operations of the Bandurian Government
BE IT THEREFORE ENACTED, as follows:
§1 - Personal Income Tax
- All personal income taxes shall be marginal.
- Income tax shall be assessed at the following rates for individuals:
- ƒ0-5,000: 0%
- ƒ5,001-18,500: 12%
- ƒ18,501-40,000: 20%
- ƒ40,001+: 28%
§2 - Corporate Income Tax
- Corporate income tax shall be assessed on a enterprise's gross income (Gross revenue - cost of goods and services) and shall be marginal.
- Corporate income tax shall be assessed at the following rates:
- ƒ0-100,000: 0%
- ƒ100,001-500,000: 16%
- ƒ500,001+: 24%
§3 - Land Value Tax
- Land Value Tax shall be assessed on the value of a parcel of land, without considering buildings or other improvements constructed on the land.
- Land Value Tax shall be assessed at a flat rate of 5%.
§4 - Value Added Tax
- Value Added Tax shall be assessed on the gross margin at each point in the manufacturing-distribution-sales process of an item.
- Value Added Tax shall be assessed at a flat rate of 10%.
- Value Added Tax shall be assessed on unprepared food items at a flat rate of 5%.
- Value Added Tax shall be assessed on tuition and healthcare premiums at a flat rate of 2%.
- Value Added Tax shall not be assessed on medicine or on purchases made by the Government of Banduria.
§5 - Carbon Tax
- Carbon Tax shall be assessed on each metric ton of carbon dioxide equivalent emitted and shall be assessed on the producers of fuels.
- Carbon Tax shall be assessed at a rate of ƒ10/metric ton of carbon dioxide equivalent emitted.
- No less than 50% of revenue raised by the Carbon Tax shall be returned in the form of a yearly payment to individuals earning equal to or less than the median income.
§6 - Collection/Assessment
- It shall be the responsibility of the Office of Revenue at the Ministry of Finance to collect the taxes listed in this Act.
- The Office of Revenue shall employ individuals who are trained to assess the value of land for the purposes of collecting the Land Value Tax and such assessments shall take place once per calendar year.