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Taxation
Attention: This is an incomplete entry. Please note that it may be subject to change at any time.
New England has created a varied and modern tax system aimed at being open and fair toward all people and businesses in the economy, whilst at the same being able to provide enough income for the country to fund all the services that are expected from the public purse.
The consitution declares that only the national government can levy tax, with individuals and the counties forbidden to levy taxes of any kind. The principal form of tax for the government is a system of income tax progressively imposed with higher income earners paying a higher percentage than lower income earners. Other forms of tax include the Eurozone Corporations Tax, the High Impact Goods Excise and the Goods and Services Tax.
- Taxes
- Eurozone Corporations Tax
- High Impact Goods Excise
- Income Tax
- Goods and Services Tax
- Administration
Taxes
There are a number of different taxes that the people and businesses of New England pay in order to generate enough income for the government. Whilst a number of taxes are levied on individuals, there is also a international corporations tax levied public limited companies. Small and private limited businesses also attract a small level of taxation.
Eurozone Corporations Tax -
High Impact Goods Excise -
Income Tax - New England uses a form of progressive income tax. The current tax-free threshold is C20,000 and the highest marginal rate for individuals is 50% upon that part of income exceeding C125,000. As with many other countries New England's employers are subject to withholding taxes for their employees' salaries and wages. As with many other countries, income taxes are withheld from wages and salaries in New England, often resulting in refunds payable to taxpayers.
Goods & Services Tax - The GST was introduced in July 2013 as a continuation of the same tax system that has existed in Australia since July 2000. Unlike Australia, the rate of GST remains at 10% and there are a large number of items deemed essential to daily life that are wholly exempt from the tax, while at the same time, many genuinely luxuary items are taxed.
Administration
The sytem of taxation in New England is administered by the Commission of National Revenue. The Commission, or CNR, is responsible for the collection of taxes and the enforcement of New England's taxation legislation. The CNR is headed by a Chief Commissioner of Revenue, who since March 2052 has been Peter Dennison.
Economy of New England
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