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Sovereign Wealth Fund Creation Act: Difference between revisions

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(Drafted up a bill creating a Sovereign Wealth Fund)
 
 
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2.1 - A 16% tax on the income generated from bauxite mining is implemented. All the revenue generated from this tax shall go directly towards the Mineral Fund.
 
2.2 - A 20% export tariff on raw or refined bauxite is implemented. Raw or refined bauxite is described as a product/commodity that consists onof more than 15% bauxite. This tariff does not affect aluminum products which use bauxite to any degree. All the revenue from this export tariff shall go directly towards the Mineral Fund.
 
=== Article 3: Operations & Management ===
3.1 - The Mineral Fund will be jointly operated by the Ministry of Revenue & TaxTreasury and the Central Bank. The Central Bank is responsible for investing the money from the fund and choosing what to invest in. The Ministry of Revenue & TaxTreasury is responsible for depositing money into the fund and withdrawing money from it.
 
3.2 - In accordance with Article 4, the Central Bank and the Ministry of Revenue & TaxTreasury can '''jointly''' add more companies, industries, or countries onto the list defined in 4.2 for ethical malpractice or extreme instability or volatility.
 
=== Article 4: Restrictions & Regulations ===
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4.2 - The fund '''can''' '''not''' invest in defense companies, mining & oil drilling companies, and energy companies with more than 30% of their sales being in energy made from consuming fossil fuels.
 
4.3 - As a baseline, the Ministry of Revenue & TaxTreasury can only withdraw a maximum of 4% of the fund’s total value every fiscal year. This value can be decreased by collective agreement between Minister of Revenue & TaxTreasury and the Central Bank; it can be increased by collective agreement between the Chancellor, Minister of Revenue & TaxTreasury, and the Central Bank. It can be increased up to 6.5% in times of economic crises or decreased down to 1.5% in times of economic prosperity.
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