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The following message has been placed on all taxation-related pages at the request of the PT and FRCA.
Elsongia is known internationally for its strict laws surrounding taxes, and non-payment of due taxes is harshly punished. Almost all money made in Elsongia is taxed, regardless of where it is held. Tax avoidance and evasion is a constitutional offence, and you could be tried for treason, which carries a maximum punishment of an unlimited fine and life in prison. What this means is,
DO NOT EVEN ATTEMPT TO AVOID TAXES IN ELSONGIA
because harsh punishment has happened and will happen. In 2014, an individual who attempted to hide more than $435 million that was earned in Elsongia in "offshore" bank accounts in Monaco was given a $600 million fine and a 25-year prison sentence. In 2006, another individual who had hidden nearly $48 billion of Elsongian money in the Cayman Islands was given a $65 billion fine and a 60-year prison sentence. Don't do it.
Taxes in Elsongia are regulated and collected by the President's Treasury (PT) and the Federal Revenue Collection Agency (FRCA), who are both closely monitored by the Federal Police, before being distributed to the regions and governmental departments. The following is a simple overview of taxation in Elsongia:
Overview of taxes in Elsongia
Elsongian Income Tax (EIT): The most basic form of tax, it is taken through PAYE (Pay As You Earn) from most people, except self-employed people and employers themselves. It is calculated at percentage rate bands from your annual income, which the PAYE system takes from your weekly, biweekly or monthly wages. Those rates, along with exceptions, allowances and more information, is at the Elsongian Income Tax page. Tax is collected through the Federal Government's systems, but the regions get 70% of the money.
VAT (Value Added Tax): This tax is taken from the price of a product when you purchase it. It is typically at a rate of 20%, but can be as high as 50% and as low as 2%. Essential products do not have any VAT. Purchases are recorded by the retailer (with checking by the FRCA and Police), who pays VAT bills along with their other taxes.
Federal Insurance: This is Elsongia's social security system, which ensures access to many state benefits such as healthcare and the state pension. Employers contribute on behalf of their employees, unless you're self-employed.
Tourism and Healthcare Levy: This levy is paid by some tourists visiting Elsongia, except for FTTA citizens and other countries in the Tax Agreement Scheme (TAS). It is a set levy paid at air and sea borders of $20, which may be paid at an equivalent rate in any other FTTA currency, USD, CAD, GBP, EUR, or CHF, and at an equivalent rate +10% with no change in any other currency recognised by Elsongia. It ensures access to comprehensive healthcare while within Elsongia and ensures that tourism doesn't damage Elsongia's natural and physical beauty. It also must be paid at land borders if there are temporary border controls with Panchantia.
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