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Bill: OOC/RP: National and Foreign Corporate Act of 4412

Details

Submitted by[?]: Scientian Enclave

Status[?]: passed

Votes: This is an ordinary bill. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.

Voting deadline: July 4414

Description[?]:

This bill has been proposed by Scientian economist Norbert Lowell, incumbent Ambassador of the Scientian Enclave.

PREAMBLE:
Hutori has recently abolished corporate taxation. We are one of only 7 countries in Terra to have no corporate tax rate. This is an extremely attractive prospect for foreign investors and we should exploit this competitive advantage completely. In the best interest of all Hutorians, we should encourage more people — both nationals and foreigners to register their business here. In order to do this, we should invest in an advertising campaign to attract our citizens and companies abroad to invest here. We should also maintain a strict zero tolerance policy on corporate corruption to foster an accountable and safe business environment. Lastly, we must make sure the business registration process is simple, easy, and efficient.

The National and Foreign Corporate Act of 4412 aims to accomplish two goals:

1. To attract foreign companies to invest in Hutori by advertising the recently abolished corporate tax rate
2. To establish a federal agency in charge of ensuring a corruption free business environment and to create a streamlined business registration process that will allow nationals and foreigners to register under in under an hour (OOC: based on Singapore's ACRA)

This bill proposes to create the following federal agency:

== HUTORIAN CORPORATE REGULATORY AGENCY (HCRA) ==

Creating Document: National and Foreign Corporate Act of 4412 (http://classic.particracy.net/viewbill.php?billid=573432)
- Falls jointly under the Ministry of Trade and Industry and the Ministry of Internal Affairs
- Encourages investment by advertising Hutori as an attractive business environment
- Investigates cases of corporate corruption
- Handles foreign and national business registration (target is 15 minutes for application processing)
- 10,000 employees (24/7 live support for business registration, advertising staff, complaint investigators)
Annual Operating Budget: 50 million HLR
- 25 million drawn from Ministry of Trade and Industry
- 25 million drawn from Ministry of Internal Affairs

Proposals

Debate

These messages have been posted to debate on this bill:

Date05:29:58, June 23, 2018 CET
From Hutori Party
ToDebating the OOC/RP: National and Foreign Corporate Act of 4412
MessageMr Speaker,

Our goal when eliminating corporate tax was to encourage more companies to do business in Hutori and creat good jobs for Hutorians. We feel this bill will take another step towards turning Hutori back into a global economic superpower once again.

Brett Martin
MP for Wrightstown
Chancellor of the Commonwealth of Hutori

Date05:50:56, June 23, 2018 CET
From Scientian Enclave
ToDebating the OOC/RP: National and Foreign Corporate Act of 4412
MessageMr. Speaker,

Following the next election — provided the political situation remains business friendly — we will put this bill forwards. The HRCA will then begin an advertising campaign directed primarily at foreign businesses. We appreciate the support from Chancellor Martin.

Having increased foreign investment will benefit everyone.

- Norbert Lowell
Ambassador of the Scientian Enclave
Envoy of the Scientian Economic Association
Dignitary of the Council of the Ataraxia Acrology
Councillor of the Ataraxia Economic Institute

Date06:47:49, June 23, 2018 CET
From New Liberal Party of Hutori
ToDebating the OOC/RP: National and Foreign Corporate Act of 4412
MessageMr. Speaker,

Point of clarification - Hutori currently does not allow foreign majority ownership of businesses, is that correct? My understanding is that the law reads, "Foreign investors may invest in national companies, but may not get a majority share." If the goal is to get more foreign investment in Hutori, then surely the prohibition on foreign investors owning majority shares of our national companies does way more to deter investment than a 0 percent corporate tax rate! May the New Liberals recommend that this bill include a provision to allow foreign investors to hold majority shares.

Rebecca Doyle
MP for Prosperity Cove
Interim Parliamentary Leader for the New Liberals
Party Whip

Date07:41:51, June 23, 2018 CET
From Scientian Enclave
ToDebating the OOC/RP: National and Foreign Corporate Act of 4412
MessageMr. Speaker,

We have added the recommended provision. We expect opposition to this. We must remind the potential opposition that the provision does not mean current state-owned companies such as Adelia Fibre will become foreign-owned.

This provision will allow present private companies to sell shares freely regardless of the nationality. This complies with free trade and economic globalization that has overall resulted in increased prosperity. We note however that free trade tends to cause job displacements in certain uncompetitive sectors — we will create a separate bill later that will attempt to address this issue without interfering in the market economy.

- Norbert Lowell
Ambassador of the Scientian Enclave
Envoy of the Scientian Economic Association
Dignitary of the Council of the Ataraxia Acrology
Councillor of the Ataraxia Economic Institute

Date05:40:38, June 25, 2018 CET
From Ultrackian Communist Party
ToDebating the OOC/RP: National and Foreign Corporate Act of 4412
MessageMr. Speaker,

We can't vote for this bill as it give too much power to corporations on the backs of the working class.

Date06:11:19, June 25, 2018 CET
From Scientian Enclave
ToDebating the OOC/RP: National and Foreign Corporate Act of 4412
MessageMr. Speaker,

This bill does not enhance the power of corporations "over the backs of the working class". This will actually serve to help regulate corporations and maintain a corruption-free business environment. Corporations and working class alike will benefit from increased investment into our economy.

- Ambassador Norbert Lowell of the Scientian Enclave

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Voting

Vote Seats
yes
     

Total Seats: 241

no
 

Total Seats: 108

abstain
  

Total Seats: 56


Random fact: The players in a nation have a collective responsibility to prevent confusion by ensuring unofficial or outdated bills labelled as "Cultural Protocols" are removed from their nation page.

Random quote: "Real politics is the possession and distribution of power." - Benjamin Disraeli

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