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[MoF] New Tax Policy

Ziua 1,909, 08:08 de Rebelash


Last weeks the ministry of Finance started for a major overhaul of the long unchanged tax code of India in order to increase the government revenue and to provide a better and competitive market for the people.

The change in the tax code started with the below given Administrative laws which were discussed and debated on in congress and then finally proposed to be voted upon. After being passed the laws changed the import tax of both weapons and food raw material from 30% to 99% effectively closing that market to foreign sellers and increasing the space for local sellers.



Law 1 : http://www.erepublik.com/en/main/law/India/123299


Law 2 : http://www.erepublik.com/en/main/law/India/123298




Furthermore the Government intends to increase the import tax of both food and weapons to a respectable 10% so as to keep our market competitive and increase the revenue of the government. Also we plan on increasing the VAT but its still being discussed . The government plans to keep the Income tax at 15% ,same as before.

Regards
Rebelash(MoF)
xordin(CP)
 

Comentarii

citizenneel
citizenneel Ziua 1,909, 08:47

k..good update.

ayush121212
ayush121212 Ziua 1,909, 08:53

okay mate

Dranze R
Dranze R Ziua 1,909, 09:15

/o\ \o/ /o\ \o/

Wildy Quark
Wildy Quark Ziua 1,909, 09:31

Good MoF o7 and thanx grand mentor : ]

eWolverine
eWolverine Ziua 1,909, 09:48

Gud work sir...
Voted...

Hem Sharma
Hem Sharma Ziua 1,909, 12:18

Asmitatheone
Asmitatheone Ziua 1,909, 18:29

o7

games.k67
games.k67 Ziua 1,909, 19:20

gr8

shail.back
shail.back Ziua 1,909, 21:32

hmm.. Agree over thought of changing Import tax on weapons and Food to 10-15% ...
Increasing Vat - Don't think its a good move, considering Govt already charge 15% Income tax. How much does a 5% VAT change will have impact on??
I have no idea on current Govt Earnings from all tax areas, but i would rather lower Income tax to 10% , get Import to weapons/Food at 15% or around, and well, VAt , i would still love to keep it at 1% or max at 3%...

Nirmal Baba
Nirmal Baba Ziua 1,910, 01:17

Nirmal Baba
Nirmal Baba Ziua 1,910, 01:18

Lysander Spooner II
Lysander Spooner II Ziua 1,910, 02:00

v&s

Stolch
Stolch Ziua 1,910, 20:21

Unfortunately import taxes do not contribute to country income (reason is that it was used to generate income by having multies created in other countries and sell on the original countries market and filling the coffers this way)

In terms of other taxes, the one that fills the coffers is the VAT on weapons which probably generates 2/3rds of all taxes in all countries, if not even more.

Income tax does not generate much at all with about 150 active players it generates about 250-300 CC a day in taxes.

With the introduction of divisions which made it more advantageous for young players to use up as little food as posible not to gain too many leves early on, food consumption is down even more then before and the one demographic in the game that suffered from high food taxes, new players, no longer is effected that much.

Higher vat on weapons would work for a smaller country as it cannot attract foreigners to use it's market because of the low throughput and generate extra revenues that way.

Main income opportunity for India is to utilise it's government ors, while for a bigger country 100K monthly from them would not be a huge income, for India it is a game changer, I'll give you some ideas and offer some of my experience in that effect, that is all you need to do really to increase enough income at this point in development of India.

 
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