Denebolian republic - Personal Taxes
Ministry of Finance & Commerce
Office of the President of the Denebolian republic:
Enforcement of personal taxes in the Denebolian Republic falls under the jurisdiction of the Ministry of Finance & Commerce, ensuring adherence to tax regulations and fair contribution to public services. Failure to fulfill tax obligations can result in serious consequences.
Non-payment or evasion of taxes, whether it be the Basic Tax (BT), Health and Wellness Tax (HWT), or any other levy, may prompt the ministry to take decisive action. This can include penalties, fines, or legal proceedings aimed at recovering owed taxes. In severe cases or prolonged non-compliance, individuals or entities may face asset seizure, financial penalties, or even imprisonment, underscoring the government's commitment to upholding fiscal responsibility and ensuring the sustainability of public services and initiatives in the Denebolian Republic.
Report from Newsfeed "Denebolian Focus":
Minister Mrs. Shen Xiaoyi from the Ministry of Finance & Commerce directs a message to the citizens of the Denebolian Republic, stressing the importance of tax compliance for the nation's prosperity and well-being.
"In our collective effort to build a stronger and more equitable society, each citizen plays a crucial role by fulfilling their tax obligations," Minister Shen Xiaoyi asserts. "Taxes are the lifeblood of our nation, funding essential services and programs that benefit us all. Whether it's supporting healthcare, elder care, or ensuring national security, every contribution matters. However, failure to pay taxes not only undermines these vital services but also erodes the fabric of our society. I urge all citizens to fulfill their duty and contribute their fair share. Let us work together to build a brighter future for ourselves and future generations."
Minister Shen Xiaoyi's statement reinforces the government's commitment to fiscal responsibility while calling on citizens to uphold their civic duty in supporting the common good of the Denebolian Republic.
Denebolian Focus channel 02 / Emma Wilson
Basic Personal Tax (BPT)
Applicability: Applies to all Denebolian citizens and foreign citizens with or without Denebolian citizenship living within Denebolian territory.
Obligations: Taxpayers must report their yearly income accurately and pay the corresponding tax rate.
Tax Rates:
- Denebolian citizens: 10% of yearly income.
- Foreign citizens with Denebolian citizenship: 11% of yearly income.
- Foreign citizens without Denebolian citizenship living inside Denebolian territory: 20% of yearly income.
Health and Wellness Tax (HWT)
Applicability: Applies to products deemed harmful to health, such as sugary drinks, tobacco, alcohol, and certain legalized drugs.
Restrictions: Progressive tax rates based on the health impact of each product.
Obligations: Manufacturers or importers of taxable products must pay the corresponding tax.
Tax Rates: Progressive rates based on the health impact of each product.
Full description: A tax on products considered harmful to health, such as sugary drinks, tobacco and alcohol, even some legalised drugs. Progressive tax rates based on the health impact of each product. Revenue would support healthcare services, public health campaigns and wellness programs.
Elder Care Tax (ECT)
Applicability: Applies to high-income earners and luxury goods.
Obligations: Taxpayers must pay the specified tax on their income or luxury purchases.
Tax Rates: Small tax on high-income earners and luxury goods.
Full description: A small tax on high-income earners and luxury goods. The funds collected would be allocated to senior care facilities, in-home care services and retirement communities. Supports the cration and maintenance of programs that provide healthcare, recreational acitvities and social services for senior citizens.
Disability Support Tax (DST)
Applicability: Imposed on businesses, corporations and individuals generating significant profits.
Obligations: Businesses and corporations must pay the specified tax.
Tax Rates: Variable rates based on profit levels.
Full description: Imposed on businesses and corporations, especially those that generate significant profits. Revenue would fund accessibility improvements in public spaces, subsidize assistive technologies and support employment programs for individuals with disabilities. Part of the funds would also be used for public awareness campaigns about disability issues and rights.
Social Equity Tax (SET)
Applicability: Applies to high-net-worth individuals and large corporations.
Obligations: Taxpayers must pay the specified tax on their income or corporate profits.
Tax Rates: Progressive rates based on income or corporate profits.
Full description: A progressive tax on high-net-worth individuals and large corporations. Collected funds would support social programs that provide financial assistance, housing and healthcare to seniors and disabled individuals. Includes grants for community organizations that work with these groups to enhance their quality of life.
National Security Levy (NSL)
Applicability: A flat surcharge applied to personal and corporate income taxes.
Obligations: Taxpayers must pay the specified surcharge.
Tax Rates: Flat surcharge applied to personal and corporate income taxes.
Full description: A flat surchage applied to personal and corporate income taxes. Revenue allocated to STARS, SHIELD and other military branches. Ensures readiness and capability to adress both terrestrial and interstellar threats.
Interstellar Commerce Security Fee (ICSF)
Tax Rates: Nominal fee applied to interstellar trade transactions.
Obligations: Traders engaging in interstellar trade must pay the specified fee.
Applicability: Imposed on interstellar trade transactions.
Full description: A nominal fee imposed on interstellar trade transactions. Revenue dedicated to the protection of trade routes, counter-piracy efforts and diplomatic initiaticves. Supports SHIELD in safeguarding econommic interests beyond planetary boundaries.
Defense Infrastructure Fund (DIF)
Applicability: A property tax on high-value real estate holdings and commercial properties.
Obligations: Property owners must pay the specified tax on eligible properties.
Tax Rates: Variable rates based on property values.
Full description: A property tax on high-value real estate holdings and commercial properties. Funds allocated to the construction, maintenance and fortification of military installations and defensive structures. Ensures readiness and resilience of defense capabilities agains external threats.