Budget 2016

Title: Commonwealth of Atlantis and her Sovereign Territory The Azores’ Budget Detailing all Planned Expenditure and Government Departmental Budgets for the fiscal year 2016

Author: Samuel Furlong

**Preamble**

This Act hereby sets out the budget, in full, for the Commonwealth of Atlantis. It details the changes in taxation, growth forecasts, plans for expenditure, departmental budgets, estimated revenue and the manner in which this budget is therefore likely to affect the lives of Atlanteans.

**Section I - Taxes**

1.1 The lower rate of Income Tax shall be cut to 18%;

1.2 The higher rate of Income Tax shall be cut to 38%;

1.3 The additional rate of Income Tax shall be maintained at 45%;

1.4 The lower rate of Corporation Tax shall be cut to 10%;

1.5 The higher rate of Corporation Tax shall be cut to 15%;

1.6 VAT will be set at 25%, this will be decreased in future budgets;

1.7 7.676 million people will pay no Income Tax or National Insurance thanks to the personal allowance of £15,000

1.8 National Insurance for small businesses, as defined by the Companies Act 2006 as amended, shall be cut to 5%;

1.9 A Carbon Tax of £10 per tonne shall be introduced;

1.10 A Gas Extraction Tax of 10% will be introduced;

1.11 The Oil Export Duty of 20% will be maintained;

1.12 A Luxury Goods Tax of 30% will be introduced;

1.13 The Fuel Duty will be maintained at 30%;

1.14 The Alcohol and Tobacco Duty will be set at 30%;

1.15 The Property Transaction Tax will be maintained at 20%;

1.16 the Inheritance Tax will be maintained at 20%

1.17 The Capital Gains Tax will be maintained at 10%.

**Section II - Expenditure**

2.1 The Department of Work and Pensions will be allocated £141.451 Billion for the fiscal year of 2016;

2.2 The Department of Health will be allocated £52.823 Billion for the fiscal year of 2016;

2.3 The Department of Education will be allocated £14.2 Billion for the fiscal year of 2016;

2.4 The Department of Transport and Infrastructure will be allocated £81.005 Billion for the fiscal year of 2016;

2.5 The Department of Defence will be allocated £3.492 Billion for the fiscal year of 2016;

2.6 The Home Office will be allocated £11.719 Billion for the fiscal year of 2016;

2.7 The Treasury will be allocated £5 Billion for the fiscal year of 2016;

2.8 The Foreign Office will be allocated £2 Billion for the fiscal year of 2016;

2.9 The Department of Business, Innovation and Skills will be allocated £5.3 Billion for the fiscal year of 2016;

2.10 The Department of Intergovernmental Affairs and Cultural Enhancement will be allocated £60 Billion for the fiscal year of 2016;

2.11 The Department of Environment, Climate Change and Rural Affairs will be allocated £500 million for the fiscal year of 2016;

2.12 The Department of Culture, Media and Sport will be allocated £500 million for the fiscal year of 2016.

**Section III- Welfare**

3.1 The State Pension will be maintained at £250 a week;

3.2 Winter Fuel Allowance is to be set at £250 for the two months that it is given, to those who are 62 or over;

3.3 Child Benefit will be maintained at £100 a month;

3.4 Disability Allowance will be maintained at £250 a month;

3.5 The Negative Income Taxation subsidy is set at a 50% rate of taxable income;

3.6 30 hours free childcare will be given to parents of 0-4 year olds, costing £140 per parent;

**Section IV - Implementation**

4.1 These measures will be implemented with immediate effect upon the passing of this budget;

((For reference: https://docs.google.com/spreadsheets/d/1-5ecwNU9JH2tLqX0JoQiW2sVSBx2cYfa7QNDO5gV7ZE/edit?usp=sharing))

## Amendment

**Title of Bill:** Proposed Amendment #1 for "Commonwealth of Atlantis and her Sovereign Territory The Azores’ Budget Detailing all Planned Expenditure and Government Departmental Budgets for the fiscal year 2016"

**Preamble:** The following provisions will amend the 2016 fiscal budget in order to clarify discrepancy on effects, execution, and definitions. This Act is to be added onto the 2016 budget bill, should both pass in their current forms.

**Article 1 - Tax Enforcement and Liability Clarifications**

Section 1 - Enforcement

Clause i) All provisions relating to the collection of taxes shall be enforced and administered by the Atlantean Revenue Service. All fines defined in the following subclauses will be additive to the remaining amount owed by the detailed tax provision.

1. Failure by persons to pay the required amount by income tax provisions will have perpetrators subject to a fine worth 10% of annual income or a five year prison sentence being the maximum punishment.

2. Failure by corporations to pay the required amount by corporation tax provisions will have perpetrating corporations subject to a fine of 25% of the profit accrued by the corporation in the fiscal year that the failure to pay was recorded by the Atlantean Revenue Service. This fine must have at least a portion equivalent to 12.5% of the total fine paid (adjusted for any accrued inflation) biannually until the fine is paid in full. Failure to pay this fine will freeze the corporation's right to do business in Atlantis until the fine can be made up through other means.

3. Failure of any tax liable person(s) or corporation(s) to pay the required amount tax on any other tax provision enumerated in the "Government Finance Act 2016" will be subject to a fine worth 15% of the owed tax.

**Section 2 - Tax Liability Clarifications**

Clause i) The Luxury Goods Tax will only apply to items explicitly cited within this Act as Luxury Goods. Luxury Goods are hereafter defined; as

1. Watches costing over the sum of £1,000 before VAT;

2. Boats costing over the sum of £200,000 before VAT;

3. Cars for non-business usage costing over the sum of £250,000 before VAT;

4. Private planes and/or jets costing over the sum of £500,000 before VAT;

5. All jewelry other than watches, costing over the sum of £1,000 before VAT;

Clause ii) The Carbon Tax will be only be administered in the following ways in the following ways

1. Only companies not defined as a small company under the Companies Act 2006 as amended will be liable to pay the Carbon Tax;

2. Only carbon produced that puts the company in excess of 10,000 tonnes per year will be liable for the Carbon Tax;

**Article 2 - Miscellaneous Changes Dealing With Neither Tax Liability or Enforcement**

Section 1 - Spending Changes

Clause i) Replace “£65 Billion will be spent on the Government’s GRAND project” with the following first subclause:

1. “£60 Billion will be spent on John Maynard and Richard Harrison’s “GRAND” project”

Clause ii) Replace “The Department of Transport and Infrastructure will be allocated £81.005 Billion for the fiscal year of 2016;” with the following first subclause:

1. “The Department of Transport and Infrastructure will be allocated £76.005 Billion for the fiscal year of 2016;”

Clause iii) Replace “The Department of Defence will be allocated £3.492 Billion for the fiscal year of 2016;” with the following first subclause:

1. “The Department of Defence will be allocated £6.492 Billion for the fiscal year of 2016;”

**Section 2 - Nominal Change**

Clause i) The following name changes will take place for the pertinent budget bill to make referencing in other bills, amendments, and general speaking easier.

1. Long Title: Commonwealth of Atlantis and her Sovereign Territory The Azores’ Budget Detailing all Planned Expenditure and Government Departmental Budgets for the fiscal year 2016
2. Short Title: Government Finance Act 2016