Taxation Revision Resolution
(Redirected from Taxation Revision Act)
Article 1: New Taxes Amended to Existing Acts
1.1 - Creates a tax levied on estimates regarding large, multinational companies profits earned in this country, regardless of their actual reporting. This clause and all under it shall be amended to The Enterprise Tax Act, 643 as article 3.
1.1.1 - The Kodiak Revenue Directorate (KRD) is responsible for creating estimates on these companies and enforcing them with respect to the corporation tax.1.2 - Creates a flat payroll tax levied on employers in proportion to the salaries paid to employees. This clause and all under it shall be amended to The Enterprise Tax Act, 643 as article 4.
1.2.1 - Sets the Payroll Tax to 5%.
1.3 - Creates a flat tax on homeowners with more than one home on the value of all their residential property. Single family homes will not have the property tax applied to them. This clause and all under it shall be amended to The Commodity and Services Tax Act, 643 as article 8.
1.3.1 - Sets the Property Tax to 1%.
1.3.2 - A single family home is defined as: a free-standing residential building. Single-family homes are designed to be used as a single-dwelling unit, with one owner, no shared walls, and its own land. Town houses are also defined as a single-family home as long as these dwellings are separated by a ground-to-roof wall.
1.4 - Creates a flat tax on all luxury goods sold. This clause and all under it shall be amended to The Commodity and Services Tax Act, 643 as article 9.
1.4.1 - Sets the Luxury Goods Tax to 9% of the gross sale price. This is appended onto the existing Point of Sale Tax.
1.4.2 - A Luxury good is defined as: Haute couture/designer/custom fitted clothing, accessories such as jewelry and high-end watches, high-end automobiles (Sports cars, SUVs, EVs, Super Cars, Race Cars), private yachts, and wine costing more than 150 florins per 375mL bottle.
Article 2: Repeal of Existing Taxes
2.1 - Repeal The Micro-Enterprises Act, 649.