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Bill: Malivian Tax Reform Act 4224
Details
Submitted by[?]: Unity Labour Party
Status[?]: passed
Votes: This bill proposes to change income taxes. It requires more than half of the legislature to vote yes. This bill will not pass any sooner than the deadline.
Voting deadline: June 4225
Description[?]:
The Minister Of Finance Mr Julian Ferdinand proposes this Tax Act to adjust the government's income tax policy to better address the economic situation of the Free State of Malivia in accordance to Role Play laws Minister Of Finance Amendment Act Section 3 of the Constitution http://classic.particracy.net/viewbill.php?billid=514665 This bill Mr Speaker is geared towards government agenda in achieving 3% annual economic growth which has seen the introduction of a new income bracket of persons making 37000MCR who is then taxed at 45%. Mr Speaker, I am pleased to announce to the citizens of this country of an overall tax decrease for all incomes except for those making between 5000 -20000 MCR. This we in the ministry of finance believe will increase consumer spending and boost investment by the top 1% while increasing income at the same time. This bill Mr Speaker sees an estimated government revenue increase marginally from 100 billion to 104 billion MCR. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 20
Current: 5
Proposed: 38
Article 2
Proposal[?] to change Sales tax on essential goods such as food and non-luxury clothing.
Old value:: 12
Current: 0
Proposed: 10
Article 3
Proposal[?] to change Sales tax on luxury goods.
Old value:: 45
Current: 25
Proposed: 46
Article 4
We propose to alter income tax brackets to the following setup. Information about the current income tax system can be found here.
Bracket | Tax | Estimated Revenue |
> 500 MCR | 1% | 285,000,000 MCR |
> 1,000 MCR | 1% | 570,000,000 MCR |
> 2,000 MCR | 1% | 570,000,000 MCR |
> 3,000 MCR | 3% | 1,711,000,000 MCR |
> 4,000 MCR | 8% | 2,281,000,000 MCR |
> 4,500 MCR | 14% | 3,952,000,000 MCR |
> 5,000 MCR | 27% | 51,877,000,000 MCR |
> 10,000 MCR | 30% | 25,384,000,000 MCR |
> 15,000 MCR | 27% | 9,212,000,000 MCR |
> 20,000 MCR | 27% | 3,269,000,000 MCR |
> 25,000 MCR | 40% | 3,511,000,000 MCR |
> 30,000 MCR | 40% | 1,112,000,000 MCR |
> 35,000 MCR | 45% | 250,000,000 MCR |
> 36,000 MCR | 45% | 250,000,000 MCR |
> 37,000 MCR | 45% | 57,000,000 MCR |
> 38,000 MCR | 3% | 0 MCR | Total | 104,291,000,000 MCR |
Debate
These messages have been posted to debate on this bill:
Date | 17:32:09, June 10, 2017 CET | From | Unity Labour Party | To | Debating the Malivian Tax Reform Act 4224 |
Message | This bill Mr Speaker is geared towards government agenda in achieving 3% annual economic growth which has seen the introduction of a new income bracket of persons making 37000MCR who is then taxed at 45%. Mr Speaker, I am pleased to announce to the citizens of this country of an overall tax decrease for all incomes except for those making between 5000 -20000 MCR. This we in the ministry of finance believe will increase consumer spending and boost investment by the top 1% while increasing income at the same time I am also pleased to announce that for the first quarter of this fiscal year we have seen an increase in GDP from 665 bill to 666 bill MCR and we hope to see it increase to a further 670+ billion by the end of this fiscal year |
Date | 17:34:29, June 10, 2017 CET | From | Unity Labour Party | To | Debating the Malivian Tax Reform Act 4224 |
Message | This bill Mr Speaker sees an estimated government revenue increase marginally from 100 billion to 104 billion MCR. I hereby move a motion that this bill be read for the first time |
Date | 12:20:28, June 11, 2017 CET | From | Wind of Change | To | Debating the Malivian Tax Reform Act 4224 |
Message | If you don't reduce the luxury tax and you make the essential products tax lower we would support it. |
Date | 15:35:18, June 11, 2017 CET | From | Unity Labour Party | To | Debating the Malivian Tax Reform Act 4224 |
Message | OK we will reach a compromise on that issue MFFA and place it for a vote. |
Date | 15:37:18, June 11, 2017 CET | From | Unity Labour Party | To | Debating the Malivian Tax Reform Act 4224 |
Message | We will lower VAT to 10% and we won't decrease excise or luxury tax ,but will increase it slightly Mr Speaker |
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Voting
Vote | Seats | |||
yes |
Total Seats: 254 | |||
no |
Total Seats: 196 | |||
abstain |
Total Seats: 0 |
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