-Value Added Tax Act of 585AER-

ACKNOWLEDGING the lack of apettite to increase income or corporate taxes shortly after the previos reform; andRECOGNISING the pressing need for new streams of revenue to close the deficit gap and restore confidence to our finances; we propose the following`;
1.1 This Act shall implement a nationwide Value Added Tax.1.2. A Value Added Tax, or VAT, is described by this Act as a consumption tax on a variety of products and services.1.3 The VAT shall be implemented with the three separate brackets for the different classifications of consumer products; these are:
*1.3A 0% - On essential products such as most foods and children's clothing.
*1.3B 5% - Some goods and services such as home energy and old dwelling renovation.
*1.3C 10% - The remaining, and most, goods and services.
1.4 A variety of goods and services shall be exempt from VAT, such as gambling, donations and physical education or sports activities.
Category:The Institute of Laws and Regulations