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Post by Matt Kovac on Nov 17, 2007 21:24:37 GMT -4
This is what I find one of the hardest things about finance in Ocia. How do we decide how much money our government is making? How much do we decide to have in the budget? I think basing it of a real country that is similar in population and economy would we the best for Ocia. Perhaps Switzerland?
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Post by Michael Dervin OCS on Nov 18, 2007 15:20:32 GMT -4
Well, if we estimate how much we will take in in one tax year (e.g. Jan-Dec) and then we ask all Ministryies to give a estimate of how much they are going to spend (e.g Wages and other costs) then we can get a Draft Budget together, which will be reviewed by the Minister of Finance every month or so, in order to give us an up-to-date picture of the budget of the Government.
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Post by Matt Kovac on Nov 21, 2007 18:52:27 GMT -4
What we need to figure out is how much our government makes a year so we can organize Budgets.
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Post by Michael Dervin OCS on Nov 21, 2007 18:59:32 GMT -4
This may be difficult as it is Post based, but people do not post a set amount of posts every week nor do they post in a pattern. Thus the Tax System will experience times when no-one is posting and times when everyone is posting. Therefore, how do we estimate how much the government will earn?
My idea is that we take the average posts that have been posted per week thus far and we find the average tax collected every week based on the average posts thus far and the figure we get we multiply by 52, thus getting an average tax collection for they year.
For example, say a average of 20 posts are posted each week, at a tax rate of 20% that means $4 is collected on average each week and therefore, 4 x 52= 208. Therefore the Estimate of income for the Year would be $208.
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Post by nonette on Nov 22, 2007 2:24:54 GMT -4
Ok, firstly I do not really have a clue when it comes to economic forecasting. But I would say that it is far too early to start guessing anything or to try to find a pattern. Today will mark only the third tax collection, and the numbers still will need to be tweaked a bit to make it a solid fiscal system. Any "average" is likely to change over the long term. I will publish the average of the last two (the first week was so drastically different I will "forget" about it) weeks' takings, and make a prediction anyway because it might give a rough indication.
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Post by Matt Kovac on Nov 22, 2007 2:54:53 GMT -4
Ok sounds good.
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Post by nonette on Nov 22, 2007 2:56:10 GMT -4
In total 182 posts were acknowledged today in the UNB as qualifying for renumeration. This is an effective increase of 2 posts from last week. 1 new account was opened in accordance with policy.
After implementing the fiscal policy, a total of SIT31.03 was levied, bringing the UNB account to a balance of SIT350.42. This would bring first estimates of annual tax revenue somewhere in the region of SIT1570.
The usage level this week overall was similar to last week, but because the spread of posts was not so even this week, the tax take increased by disproportionately more. Let it be known that 4 members were unable to meet taxation requirements, and this information will be passed onto the Minister of Justice.
While I am uncertain as to whether this system continues to be equitable, the upcoming changes to the economic system could render any attempts to remedy this futile. This will be the case until new income patterns are better understood. So, next week's taxation will take place under the same system, when I will propose the next draft of the system.
As always, you can PM me to request a statement. I can provide income, tax, balance, and proportion of income retained information. I do not however keep an historical record of personal a/c information.
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Post by Matt Kovac on Nov 22, 2007 2:58:12 GMT -4
Sure il ask for a statement.
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Post by Michael Dervin OCS on Nov 22, 2007 15:01:43 GMT -4
The Minister of Justice (me :-) ) hereby requests that the Bank forward this information to the Ministry as soon as possible.
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Post by Matt Kovac on Nov 22, 2007 20:53:51 GMT -4
Ok the PM has that, im sure he'll om it to you.
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Post by nonette on Nov 29, 2007 3:09:02 GMT -4
In total 240 posts were acknowledged today in the UNB as qualifying for renumeration. This is an effective increase of 58 posts from last week. 3 new accounts were opened in accordance with policy. Henry Silverhaus was not a citizen for the entire week, so he will be registered an a/c and taxed next week.
After implementing the fiscal policy, a total of T35.55 was levied, bringing the UNB account to a balance of T175.97. This would bring first estimates of annual tax revenue somewhere in the region of T1660.
The usage level this week overall was quite a lot higher than last week, the tax take increased accordingly. But members who had bought Government Bonds saved about T10.5 in tax, while the government gained T60.00 in bonded money. Let it be known that same 4 members were unable to meet taxation requirements, and this information will be passed onto the Minister of Justice.
Next weeks taxation will be undertaken under the new system outlined here. For nil net income, one Tolar will be levied in taxation. Those whose net income is negative shall not be required to pay tax. For positive incomes, the formula shall be TAX = (INCOME/10)^2. Warning! Tax incurred on each Post over 50 times (often MK, MD and I) in a week will actually be greater than the income from that post. This can be avoided by spending your income before Thursday, and reducing your net income. This is a measure created to induce some economic activity - so start investing!!
As always, you can PM me to request a statement. I can provide net income, total tax and balance information. I do not however keep an historical record of personal a/c information.
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Post by Michael Dervin OCS on Nov 29, 2007 12:22:32 GMT -4
The Ministry of Justice notes again that 4 Members did not pay any Tax. As a Result the Ministry will be imposing Fines upon these 4 members if they fail to pay tax again. These fines will go to the Government and Other Causes which the Ministry sees fit.
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Post by Matt Kovac on Nov 29, 2007 16:14:30 GMT -4
what pay tax, how do we pay tax.
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Post by nonette on Nov 30, 2007 0:47:54 GMT -4
I automatically tax you each week before you even see the money - a pay-as-you-earn sort of system. For example, yesterday you (Matt) automatically payed nearly T20 in tax - this can be avoided if you spend money and bring your net income down.
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