The New Alexandrian Financial and Economic Law was passed by the Estates-General on September 26th, 2005. It was granted Imperial Assent on the same day.
This act was not voted on through roll call.
- OUI - 3 votes
- ABSTAIN - N/A
- NON - N/A
Section I Edit
I. This Act may be cited as the New Alexandrian Financial and Economic Law.
II. Its approval renders the Alexandrian Economic Act and the Alexandrian Economic Incentive Act null.
Section II Edit
III. The currency to be used by the Empire of the Alexandrians shall be the Real. It shall be symbolized by "R".
Section III Edit
IV. There shall be an initial circulation of R 10,000,000 in the entire economy. All other acts, such as the National Transportation Act, which had stipulations for the releasing of currency stand hereby amended to comply with this section.
Section IV Edit
V. Every Alexandrian citizen shall require a bank account.
VI. Companies, organizations and foreigners may also set up accounts. To obtain an account, they must apply for one from the Minister of Finance & Economics.
VII. Each person, company or organization may have a maximum of one account with each bank, with a maximum of three accounts in total.
VIII. Each account holder may make transactions, open and close their account at any time.
IX. A transaction may be made between two citizens for any reason.
X. All transactions shall be recorded by the Minister of Finance & Economics through a post on the message boards. A transaction must be acknowledged by the second party before it will be recorded. Transactions shall be reported at the end of each week.
XI. The Minister of Finance & Economics reserves the right to refuse any transaction.
XII. All economic crimes shall be dealt with as may be hereafter specified by law.
Section V Edit
XIII. The Imperial Bank of Alexandria shall be the instrument of the Government in implementing monetary policy, ensuring the stability of the financial system and the payments system. The Government has liability for the actions of the Imperial Bank.
XIV. Other banks may be chartered by citizens of Alexandria, with the approval of the Minister of Finance & Economics. For all banks other than the Imperial Bank, bank employees shall have liability.
XV. All banks, including the Imperial Bank, shall have a fractional reserve banking system, with legal requirements set at 25%.
XVI. The Government will have an account separate of the Imperial Bank.
XVII. Interest shall be paid to all bank accounts and charged on loans monthly.
XVIII. Interest rates shall be set by the Minister of Finance & Economics at the beginning of each quarter.
Section VI Edit
XIX. The Minister of Finance & Economics will fix the Real-US Dollar rate.
XX. The economy in the Empire of the Alexandrians will have prices according to general real-life standards. (Houses: 30000 to 100000; Mansions: 100001 to 250000; Palaces: 250001 to 500000; Terrains: 10000 to 25000; Office rents: 1000 to 5000 every three months; this are only orientating prices, real prices will be listed be the Minister of Finance & Economics in a special thread).
Section VII Edit
XXI. Salaries for government officials shall be decided by the Minister of Finance & Economics when not decided by law. Salaries for those employed by private companies shall be decided by said company's management provided that it complies with any minimum wage that's been established.
XXII. Salaries for all employees shall be paid to each citizen’s bank account at the end of each week.
XXIII. If a citizen takes on several jobs, he/she shall be paid for all jobs.
Section VIII Edit
XXIV. A 5% of the value of every property shall be paid every 3 months (Property Tax, or PT).
XXV. A 5% Personal Income Tax (PIT) shall be paid on the amount of money earned by a citizen each quarter.
XXVI. A 7% Business Income Tax (BIT) shall be paid on the amount of money earned by a company each quarter.
XXVII. A 1% of the value of each transaction shall be paid for every transaction made. This shall be known as the Transaction Tax (TT) and will be paid by the person doing the payment.
XXVIII. Any transact of any kind will require a fee of ®5 for processing. By transact we comprehend, registration of persons in the ITA, registration of properties in the PRA, registration of firms in the BRA, legal residence changes, etc.
Section IX Edit
XXIX. The Government and the Imperial Bank shall offer savings bonds.
XXX. Savings bonds shall be capital guaranteed.
XXXI. Bonds are offered which can either mature after 1 month, 2 months, 3 months or 6 months.
XXXII. Bonds shall have a fixed interest rate, with interest paid when the bond matures.
XXXIII. The proposed interest rates are as follows: 1 Month 10% 2 Months 15% 3 Months 20% 6 Months 25%
Section X Edit
XXXIV. By this act, we allow the creation of the Imperial Taxing Agency (ITA); the Property Registration Agency (PRA); the Business Registration Agency (BRA); the Alexandrian General Market (AGM); Alexandrian Business Market (ABM).
XXXV. The ITA will be responsible for providing a Unique Taxing Identification Code (UTIC) to any person, human or legal, that wishes to incur in economic or financial activities within the Empire. The UTIC should be provided to the counterpart in every economic or financial transaction.
XXXVI. Any person, human or legal, already having, purchasing, or building any piece of property will have to register it in the PRA. The objective of this agency is to help the Minister of Finance & Economics in keeping track of the activities in the Construction Sector.
XXXVII. Any person creating a new firm will have to register it in the BRA. The objective of this agency is to help the Minister of Finance & Economics in keeping track of the quantity of companies doing business within the Empire.
XXXVIII. Any person, human or legal, selling something can do it in the AGM.
XXXIX. Any person, human or legal, offering a service can do it in the ABM.
Section XI Edit
XL. All newly established firms shall receive a grant of R 45,000 from the Imperial Bank once they are registered and open an account in the Imperial Bank.
XLI. All newly established firms requesting a forum for their company shall receive their first month of rent free. They shall also receive a tax break of one month, after which the government may tax accordingly.
XLII. All Alexandrian citizens, upon opening an account in the Imperial Bank, shall receive R 30,000.
XLIII. A citizen shall receive a bonus paid to their bank account by the government when they have posted a specified number of posts on the Alexandrian Message Boards. The bonuses shall be as follows: Post Bonuses ® 20th 250 50th 500 100th 750 every subsequent 50 1000