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October 16, 2021 – The Vema Seamount Authority has authorized the Reserve Bank to make available funds in foreign exchange to reward any vessel sailing through the Mount Vema territorial waters who report the presence of any vessel with its Automatic Identification System (AIS) switched off.
The Kingdom of Mount Vema will pay up to 50,000 golles in foreign exchange to ship owners, companies in charge of vessels sailing through Mount Vema, ship captains or any other officer who report the presence of any vessel with its Automatic Identification System (AIS) switched off in Mount Vema. The reports must be submitted through the contact page of the official website of Mount Vema (www.mount-vema.com), and must include the name of the vessel, approximate location, date and time to enable His Mount Vema Majesty’s security services to react accordingly. Reports must lead to a successful on spot fine, forfeiture of the vessel, or seizure. October 05, 2021 – As of today His Mount Vema Majesty’s Government officially begins to enforce its laws in relation to immigration, merchant marine and shipping, customs and excise, sea fish, marine conservation, and all relevant laws that might affect the safety of people and property within the Mount Vema territorial waters.
Except for ships exercising the right of innocent passage, and the right of transit passage through the Mount Vema – Vema Seamount territorial waters used for international navigation, as custom by the international merchant marine industry, and as stated in section 98 of the Merchant Marine and Shipping Act, Mount Vema 2017, Order No.7 SI/MV2017/7. Made: 15th of June 2017, in accordance with the 2006 Declaration of Sovereignty, no other ship will be allowed to enter Mount Vema without the right permit. By no other ships, the government means all ships who usually disregard the laws of Mount Vema including fishing vessels, pleasure boats, and including vessels visiting for environmental or scientific purposes. Vessels that fail to apply for the right permit to enter will be required to be moved or seized. In case His Mount Vema Majesty’s security services are unable to exercise the right to forfeiture, or to require a vessel to be removed, or seized, an authorization may be granted to remotely sink vessels that fail to comply and therefore posing a threat to the territory, regardless of the country of registration and the flag of the ship. August 10, 2021 – Rule 10082021-1, a Royal Order introduced on Monday by His Majesty King Peter J Goldishman of Mount Vema – The Vema Seamount Authority, prohibits Mount Vema citizens anywhere in the world from using all types of narcotic drugs, except for medical and scientific purposes.
1- Prohibition Mount Vema Citizenship will be revoked with no right to appeal, if a citizen of Mount Vema is found to be consuming any of the following types of drugs unless prescribed by a registered doctor:
This Rule 10082021-1 also applies to anyone living or working in Mount Vema. 2- Consequences If a Mount Vema citizen in Mount Vema or overseas, or anyone living or working in Mount Vema is found to be consuming any of the prohibited drugs under this Rule 10082021-1: a)- The Mount Vema citizen will have citizenship revoked if dual national and living overseas or, incarcerated for not less than 55 years if living in Mount Vema. b)- The resident living and working in Mount Vema will be incarcerated for not less than 45 years, and subsequently deported to country of origin. Lack of record of country of origin, incarceration may be extended. c)- Visitors on tourist visa, will be incarcerated for not less than 35 years, and subsequently deported to country of origin. Lack of record of country of origin, incarceration may be extended. d)- Sentences may be reduced at the Judge’s discretion if anyone who is found guilty, provides name and a traceable contact detail of the supplier to assist law enforcement agencies with their investigations to find the source. Testing Citizens in Mount Vema or overseas, and legal residents in Mount vema are subject to random tests in their workplace, at the academies (schools and universities), in hospitals, or during a lawful stop and search operation by law enforcement agencies. Consciousness a)- Citizens and residents must be aware that the Kingdom of Mount Vema prohibits the import, possession (which the law may interpret as facilitating smugglers intending to use the state as a transiting point), marketing, sale, distribution, export, and use of all narcotic drugs, except for medical (through the prescription system) and scientific purposes. b)- Citizens and residents must collectively endeavour to live a lifestyle which do not promote the state as a marketplace for illegal drugs by simply seeking medical attention when needed as opposed to solicit to buy and use illegal drugs. June 24, 2021 – The Royal Mount Vema Department of Foreign Affairs has confirmed plans to reopen its Diplomatic Office in Angola. A move widely welcomed by people with connections to the Vema Seamount Authority.
The first Diplomatic Office in Angola was opened in 2012 and was the office assigned to represent Mount Vema not just in Angola, but also in Namibia and South Africa. The move is significant, not simply because of the proximity of these three countries to Mount Vema but because of the memories and connections that for the Vema Seamount Authority are not just symbolic but runs deep. The journey of Peter – The Vema Seamount Authority is not just a long one, but it has also shaped the man he is today and, has established some connections with many nations and people who he came to admire and respect. The Story of Peter - The Vema Seamount Authority and Mount Vema Children usually see the world in a remarkably simple way. It is all about what they see and what they hear. They are not usually ready to understand the complexity of the world. This is the reason why Peter tells his childhood stories differently in comparison to what the history books say. This may have taught him to never show much interest in ongoing stories. Sources say that if you ever tell the Vema Seamount Authority anything, he will first ask you how does it end? Or tell me the scenarios of how it could end? Then he listens. Why is he always interested in the end-product? The reason may be the fact that he learned throughout his journey that it is not about what you see or hear, it is how it ends. It is like saying ‘it is where you’re going, not where you are coming from’. Multiple sources say that as a child he always had a great respect for the people of Namibia, the ones he knew then as the ‘SWAPO’ because these were the men, he saw every day in a land that had nothing to do with them and died in the front line so their land and the others could be free. You may tell the story differently but to him as a child that was what he saw. As a child he always had a great respect for the people of Cuba because these were the men, he saw every day in a land that had nothing to do with them and died in the front line so others could be free. You may tell the story differently but to him as a child that was what he saw. As a child he always had a great respect for the people of Russia because these were the men, he saw every day proving technical support in a land that had nothing to do with them and so others could be free. You may tell the story differently but to him as a child that was what he saw. As a child, at a certain time of the day, at home he always heard a radio in the background with the volume turned slightly down. It was World News, the other side of the story. He was not the one listening, it was his father. So, he wondered how in the mist of all could they be so informed? Who were their sources? But usually just thoughts. So, he developed a great respect for the journalists who somehow got his father informed. You may tell the story differently but to him as a child that was what he heard. Then he heard of the struggles of the men of the ANC in South Africa, and the collective efforts for freedom and to liberate Nelson Mandela. So it all started to become clearer that the men and women of the ANC, the men and women of Namibia (The SWAPO), the youth of Angola dying day after day, the Cubans and the Russians somehow had a common purpose. But history has these things, that may be one of the reasons why the Vema Seamount Authority never jump to conclusions according to sources. He always waits for the end of the story. So, the end of the story was that Nelson Mandela was freed. He became President of the Republic of South Africa, Namibia became independent, and the journey of Peter as a teenager begun without the need to have to put on the uniform because that would be inevitable as he was coming to age for preparations to join the fight alongside the forces of Angola, the Namibians, the Cubans and the men and women of the ANC. After that stage of his life Peter begun the journey that led him to Mount Vema. During that journey he start to read and understand that there were other players that helped bring the freedom in the region he left behind and the world and one of the most important players was the President of the United States Ronald Reagan who is until now, along-side men like Winston Churchill, Franklin D. Roosevelt, Dwight D. Eisenhower, who happened to be some of the people the Vema Seamount Authority most admire for their courage when sometimes everything seemed lost. After a long journey outside of Angola throughout his teenage life, in the late 90s, Peter settled in the Republic of Ireland, and then he moved to London England where he lived for more than 20 years and where the story of Mount Vema begun. How did it happen? Peter - The Vema Seamount Authority has never been a man who does things without purpose, and this is the reason he never smoked, he sees no need for it. He does not do drugs he sees no need for it, he does not drink alcohol, he is not a fan of night life except if it is a special occasion, and he does not like gambling either. If you ever hear anything negative about him, is in business, where his risky ventures have caused him problems in the past. However, there is something above all that he loves, and that is the ocean. Peter loves the sea. The humanitarian side of him, led him to the thought of building a city somewhere at sea to better provide aid to others free of political strings attached. So in 2006, that is when it all begun, when he was in his early thirties. For the people of Great Britain, the Westminster Abbey which is one of the United Kingdom's most notable religious buildings and the traditional place of coronation and a burial site for English and, later, British monarchs, has an important meaning. However, for Peter it has more. It was in an office in a small street right next to Westminster Abbey that a meeting took place between Peter and a man from the Netherlands, who is the head of one of the largest maritime construction companies in the world. The man, according to our sources, was recommended to Peter by another company from the Netherlands called the Royal Van Oord, a Dutch maritime contracting company. Prior to the meeting Peter told the man that he wanted to build a city at sea, but Peter was not sure where. So when the two men met they discussed the idea, then the Dutch man said “I have a location you will like, courtesy of our friends at the British Royal Navy” the charts of the South Atlantic were presented to Peter and there was ‘Vema’ hidden underwater, which at the time very few people knew about it. That is when it all begun, the story of Peter – The Vema Seamount Authority and Mount Vema. Owners of Mount Vema Title Plans can stand or elect representatives for Congress – Royal Order22/6/2021
June 22, 2021 – A Royal Order – Rule 21062021-1 introduced on Monday by His Majesty King Peter J Goldishman of Mount Vema – The Vema Seamount Authority, authorises any owner of a Mount Vema Title Plan to either stand for Congress of Mount Vema or vote for a representative for Congress.
This Rule 21062021-1 gives some powers to owners of Mount Vema Title Plans to have a say in the direction of the Kingdom of Mount Vema. A Title Plan owner can submit their candidacy to represent the district in which their property will be located or exercise their right to vote in elections for District Representatives for congress. The news has been welcomed by everyone across the society and beyond however, the only issues is that buying a title plan is no longer as simple as it used to be. Now to buy a Title Plan you need to have an account with Bavarolle – The Real Estate company of Mount Vema and not only that, but owners must also meet sections of the Royal Order - Rule 28042021-1 which states that an investor must share the same values as most of the people that make the society of His Mount Vema Majesty’s realm. So, what is the Role of the District Representatives? To understand the role of the District Representatives one must first understand how the Vema Seamount Authority has structured the political system of Mount Vema to promote a democratic system that is fair for all and that does not create too many divisions within the society. For example, there will be no pollical parties in Mount Vema. To stand for example for Prime Minister, candidates must submit their candidacy with a list of their team that will make the cabinet. Then that list is vetted by the security services and must be approved by the sovereign. This will be done to ensure continuity in terms of foreign policy. Once you are all approved, elections take place, and the people decide who will be their Prime Minister based on their manifesto. The winners will take their seat in Congress. At the same time, the people elect their District Governors, and their District Representatives. The elected Representatives will vote and appoint a leader among themselves, and together they will become His Mount Vema Majesty’s Government’s official opposition for the duration of their term, and whom the government must work to have them on their side to pass any legislation originating from the House of Representatives, which will Require the approval of the Royal Mount Vema House of Lords. The Lords will be the chamber made of consultants and lords of honours, with specialist knowledge in their field of expertise who will scrutinize bills before it is sent to the Sovereign for the Royal Seal of Approval. The Lords cannot stop any bill, they can only advise, except when the bill affects the marine life, territorial integrity, any section of the Declaration of Sovereignty and the security of the realm. May 21, 2021 – His Mount Vema Majesty’s Government has launched a new webpage within the official website of the Vema Seamount Territory where Heads of State, and their representatives can communicate with the Vema Seamount Authority or with the Mount Vema Department of Foreign Affairs without the need to set up an account with the Mount Vema Postal Service Online.
The Official E-mail page at https://www.mount-vema.com/e-mail.html is opened for official business with foreign governments only. For other issues or to contact any other legal entity of the Kingdom of Mount Vema the correct page to visit is https://www.mount-vema.com/contact-mount-vema.html. Sources told VSBCnews that this new approach is to make it easier for foreign Governments to connect with His Mount Vema Majesty King Peter Goldishman – The Vema Seamount Authority and his representatives responsible for foreign affairs, as the King embarks on a campaign to reach out to foreign leaders seeking deals to support Mount Vema businesses in search of materials, manpower, and locations to set up the factories needed to support the growing economy of Mount Vema. May 19, 2021 – His Mount Vema Majesty King Peter Goldishman – The Vema Seamount Authority sent a message to U.S. President Joe Biden seeking deals and partnerships on security and trade.
In an electronic message sent today, The Vema Seamount Authority expressed his desire to engage in direct talks with the United States to establish a more fruitful and productive relationship, to foster agreements to facilitate the export of needed materials, parts, products, and services to the South Atlantic in Mount Vema from the United States. This is the first time The Vema Seamount Authority has contacted U.S. President Joe Biden, after he congratulated the President and vice President Harris on their election victory in November 2020, in a statement made public through VSBCnews. This latest news is another clear indication that the entities of the Vema Seamount Territory are preparing for the City of Mount Vema, as the King seeks to establish a lasting collaboration with the United States of America. May 18, 2021 – The Universal Cross Organization announced on Monday that all past, current and future recipients of the Universal Cross, will have to travel to Mount Vema where the award will be presented at the annual Award Ceremony as soon as the City of Mount Vema is ready to host the events.
The news comes after all Mount Vema entities begun to prepare for Mount Vema, although the announcement was already expected by many, especially people familiar with the movements in the Mount Vema Stock Exchange after the Universal Cross Organization begun to boost its capital after investing in shares, bonds, and Mount Vema real estate to pay for the costs of organizing the events and pay for prizes. The Universal Cross is one of the most prestigious prizes awarded annually by The Kingdom of Mount Vema to people and organizations worldwide for services to the Environment, Promotion of Peace, Universal Welfare and Life Achievement. The award ceremonies will take place annually in Mount Vema where each recipient will receive a gold medal, a certificate, and a monetary award of 2.5 million golles. The organization and the people who vote for nominations usually have no political associations and do not take sides on any political issues neither within the Mount Vema Society or beyond the jurisdiction of the Vema Seamount Territory. Recognitions are simply based on Extraordinary Deeds. A recognition for courage and the will to Cross the Extra Mile against all odds. A self-sacrificing act to reach where no one else has dared to reach before for the benefit of others. May 17, 2021 – His Mount Vema Majesty’s Government has pledged to allocate 10% of the Kingdom of Mount Vema’s annual income to foreign aid.
The pledge comes after the government completed its most comprehensive financial projections for the next five years, next ten years and up to fifty years, including how the country’s finances would withstand unforeseen disruptions in productivity either internal or external that could affect its economy. This announcement comes after the Government announced in January this year that it would have its foreign aid budget ready by the end of the year 2021, to provide financial assistance to other countries in need of humanitarian aid, funds for infrastructure development, disaster relief, healthcare, and student scholarships. The terms and conditions of the aid will vary by country and purpose, some will be given in form of a gift, grants, low or no interest loan, or a combination. Mount Vema will also expect its aid use to be mainly for budget support that can be directly channelled into the financial system of the recipient country. A major proportion of the aid will be tied, mandating that a receiving nation spend on products and expertise available on the Mount Vema marketplace or from overseas venders who meet Mount Vema regulatory standards specially on environment, and human rights. The Mount Vema development aid will have a strategic value, especially with regards to poverty reduction through job creation, healthcare, and general improvement of living conditions that can have a positive effect on global security and economic growth. May 11, 2021 – His Majesty King Peter J Goldishman of Mount Vema – The Vema Seamount Authority has appointed Lourdes, also known as Lady Trinity as Head of the Royal Mount Vema Department of Foreign Affairs and Ambassador to the United Kingdom of Great Britain and Northern Ireland.
Lourdes is the wife of the head of the Vema Seamount Territory and with this new title she will be now referred to as: Her Royal Highness Lady Trinity of Mount Vema, Secretary for Foreign Affairs, and Ambassador of the Kingdom of Mount Vema to the United Kingdom of Great Britain and Northern Ireland. Although the positions of Secretary of Foreign Affairs and Ambassador to the UK are temporary, she is now the most senior diplomate representing the Vema Seamount Territory, and the most senior official of the Royal Mount Vema Department of Foreign Affairs. She will start her duties immediately. As the Secretary of State for the territory, she will begin her mission to build relationships with foreign government officials that can pave the way for partnerships in many fields including international development and global poverty reduction through job creation. April 28, 2021 – Citizenship through investments – Royal Order - Rule 28042021-1 has been introduced and applies to anyone who wishes to become a citizen of the Kingdom of Mount Vema through investment. This rule supersedes all statutory laws of the Vema Seamount Territory in operation in connection with citizenship through investments.
The rule states that from April 28th 2021, citizenship of the Kingdom of Mount Vema through investment shall not be based only on the financial position of the applicant. The Secretary of State may, if he thinks fit, cause the applicant to be registered as a Citizen of the Kingdom of Mount Vema only if the applicant shares the same values as most of the people that makes the society of His Mount Vema Majesty’s realm. This rule applies to all with no exceptions including existing citizens of Mount Vema who citizenship may be revoked if their circumstances do not meet this requirement, and any investment made before April 28th 2021 shall be returned within 90 days. April 12, 2021 – Leave to Remain Royal Order - Rule 12042021-1 has been introduced and applies to anyone who wishes to live and work within the jurisdiction of the Vema Seamount Territory from the year 2021 to 2041.
The rule states that from December 31st 2021 to December 31st 2041, anyone who wishes to live and work within the Vema Seamount Territorial Waters will have to be between 18 to 40 years of age, with the right to apply for Mount Vema Citizenship, with two exceptions. First exception applies when a person is over 40 years of age and is a relative of someone who is already a Mount Vema citizen, or when the person is a relative of a person who has been an employee of a legal entity of Mount Vema for over 10 years. Second exception applies when a person who may be over 40 years of age, is a member of staff of a legal entity of Mount Vema anywhere in the world or becomes a member of staff before December 31st 2021. In this case the exception also applies to their relatives who may also be over 40 years of age. March 02, 2021 – The Healthcare Workers across the globe who battled the COVID-19 in 2020 have been recognized as the winners of the Universal Cross Award 2020 in recognition for their self-sacrificing act of going to work every day during the pandemic without the right PPE or any clear knowledge of the invisible enemy they were facing in early 2020.
The Universal Cross Organization has also honored Jared Kushner, the former White House senior adviser, in recognition for his role in negotiating four normalization deals between Israel and Arab nations known as the ‘Abraham Accords’. The organization has stated once again, “that the Universal Cross Organization and the people who vote for nominations have no political associations and do not take sides on any issues. Recognitions are simply based on Extraordinary Deeds. A recognition for courage and the will to Cross the Extra Mile, - a self-sacrificing act to reach where no one else has dared to reach before. The former White House senior adviser Jared Kushner under Former President Donald Trump have managed to overturn decades of U.S. policy in the Middle East and have been able to recognize Jerusalem as the capital of Israel. Nomination and subsequent honor is based on their act of courage, alone, and nothing else has been considered.” The Universal Cross Organization has in 2020 received more than 50 recommendations, 78% more than any time since its creation, and two have met the criteria for one of the most prestigious prizes awarded annually by The Kingdom of Mount Vema to people and organizations worldwide for services to the Environment, Promotion of Peace, Universal Welfare and Life Achievement. February 24, 2021 – His Mount Vema Majesty’s Government wishes to inform to everyone trying to reach out to the legal entities of the Kingdom of Mount Vema, that the official contact for electronic communications have changed.
If you have exchanged correspondences with a Mount Vema entity in the past, it is important to note, that the official email address of Mount Vema to switchboard has changed to mountvema@live.com. E-mails sent to gov@mountvema.org , gov@mountvema.com or to any e-mail address of a Mount Vema entity @mountvema.org or @mountvema.com, are no longer in use, it will not reach its destination, and if you receive a reply please do not open the message as it may harm your computer system. Messages sent through social media to Mount Vema will not be read either. Mount Vema entities no longer use social media for correspondences. If you have not previously exchanged correspondences with a Mount Vema entity, it is important that you visit the contact page at www.mount-vema.com and fill out the official contact form to register your e-mail and to create a password to correspond with Mount Vema through the official website, especially if your message is private and confidential. If you have not previously exchanged correspondences with a Mount Vema entity, and you do not fill out the official contact form to register your e-mail address, your messages to switchboard at mountvema@live.com will not be opened. February 05, 2021 - The Universal Cross Organization has finally announced the highly anticipated and overdue list of its 2020 Official Nominations which includes, the Healthcare Workers across the globe battling the COVID-19 and Former White House senior adviser Jared Kushner for his role in negotiating the ‘Abraham Accords’.
1- The Healthcare Workers across the globe who battled the COVID-19 in 2020, were nominated for their self-sacrificing act of going to work every day during the pandemic without the right PPE or any clear knowledge of the invisible enemy they were facing. 2- Former White House senior adviser Jared Kushner, he was nominated for his role in negotiating four normalization deals between Israel and Arab nations known as the ‘Abraham Accords’. The Universal Cross, is one of the most prestigious prizes awarded annually by The Kingdom of Mount Vema to people and organizations worldwide for services to the Environment, Promotion of Peace, Universal Welfare and Life Achievement. Note: With the second nomination of the year 2020, the Universal Cross Organization has stated in a separate statement, “that the Universal Cross Organization and the people who vote for nominations have no political associations and do not take sides on any issues. Nominations are simply based on Extraordinary Deeds, where people and organizations show the courage to Cross the Extra Mile, to reach where no one else has dared to reach before. In four years, former White House senior adviser Jared Kushner and Former President Donald Trump have managed to overturn decades of U.S. policy in the Middle East and have been able to recognize Jerusalem as the capital of Israel. Nominations were based on these simple acts of courage alone.” January 13, 2021 – His Mount Vema Majesty’s Government announced today that the Kingdom of Mount Vema will have its foreign aid budget ready by the end of the year, to provide financial assistance to other countries in need of humanitarian aid, funds for infrastructure development, disaster relief, healthcare and student scholarships.
The terms and conditions of the aid will vary by country and purpose, some will be given in form of a gift, grants, low or no interest loan, or a combination. Mount Vema will also expect its aid use to be mainly for budget support that can be directly channelled into the financial system of the recipient country. A major proportion of the aid will be tied, mandating that a receiving nation spend on products and expertise approved by Mount Vema. The Mount Vema development aid will have a strategic value, specially with regards to poverty reduction through job creation, healthcare, and general improvement of living conditions that can have a positive effect on global security and economic growth. January 07, 2021 – The Mount Vema Stock Exchange provides a semi 'request for quote' based system where clients place orders which are confirmed some-time later usually within 6, 12 to 24 hours depending on the volume of trade. During this period, you can continue trading but not the securities which you just bought or sold which will be marked as pending although you may not see it on your screen, until the transaction is completed.
You must also keep in mind that some orders may take up to 48 hours, but this would be a very unusual scenario which would only happen when there is a need for extra security checks in connection with a particular trader or transaction. The service is efficient and works almost like a live streaming prices platform with near instant execution of orders for various Mount Vema financial products from anywhere in the world. The products include MVG-Bond, MVG-Note, MVG-Bill, and Mount Vema stocks which can be bought and sold at any time. It is also important to remember when trading securities at the Gollexi, you are liable to 2.5% income from investments tax regardless of your geographic location. The Gollexi will withhold 2.5% from any income you generate and submit it to His Mount Vema Majesty’s Revenue Services. How to trade Mount Vema Securities 1-Visit the official homepage of Mount Vema Stock Exchange at the Gollexi ( https://www.mount-vema.com/gollexi.html ) and click on the Sign Up link. 2-When on the Sign-Up page of the Stock Market, fill out the form and submit with your newly created password and 8-digit reference number (it can be any number with 8 digits), and that’s it. Make sure you have your GolleCard details when filling out the form. You will not be charged but you need to register your GolleCard with your account. 3-If you don’t have a GolleCard you can buy a GolleCard gift card at the GolleMARKET ( https://www.mount-vema.com/gollemarket-store-in-stock-gift-cards/gift-card-gollecard-gollemarket ), to set up your trader account. Note: The Mount Vema Securities and Exchange regulator has not yet authorised transactions with non-Mount Vema credit cards (such us Visa or Mastercard) when trading Mount Vema securities, unless the trader has a Mount Vema Bank account for the purpose of investment or trading securities at the Gollexi. 4-Once you have your GolleCard ready, you have filled out the form to sign up and submitted it, you will need to allow at least 24 to 48 hours to set up your account. After that, you can then visit the Mount Vema Postal Service Online ( https://www.mount-vema.com/postal-services-online.html ) to find the information you need to access your account and start trading Mount Vema securities. January 01, 2021 – Mount Vema Ministry of Health said on Friday that passengers travelling into the Vema Seamount Territory will have to produce a negative test taken before their departure to Mount Vema, and a negative test for coronavirus carried out within 72 hours of their arrival.
Passengers from all countries and territories, who fail to provide a negative test result will not be allowed to board any form of transport to Mount Vema. In addition to a negative test result at the time of departure, passengers will be subject to quarantine upon arrival. December 26, 2020 – His Mount Vema Majesty’s Treasury has confirmed that in addition to Income Tax, Customs Duty, Consumption Tax, Property Tax, and Income Tax will all be applicable from January 1st, 2021 as follows:
Customs Duty Customs Duty: The Kingdom of Mount Vema will impose tariffs or "customs duties" on imports of goods as of January 1st, 2021. The duty will be levied at the time of import paid by the importer of record. Individuals arriving in Mount Vema may be exempt from duty on a limited number of purchases, and on goods temporarily imported (such as laptop computers etc). The customs duties will vary by country of origin and product, which may range from zero to 80% of the value of the goods. Failure to comply with customs rules can result in seizure of goods and civil and criminal penalties against involved parties. All goods entering the Kingdom of Mount Vema are subject to inspection prior to legal entry. Duty-Free Goods Travelers may bring goods into the Kingdom of Mount Vema duty-free. These goods may be bought at the port and airport without attracting the usual government taxes and then brought into another country duty-free. His Mount Vema Majesty’s Government may impose allowances to limit the number or value of duty-free items that one person can bring into the country. These restrictions may not apply only to tobacco, wine, spirits, cosmetics, gifts, and souvenirs. Foreign diplomats are entitled to duty-free goods. Duty-free goods may be imported and stocked in His Mount Vema Majesty’s Government bonded warehouse. Tariffs (imports): 0% to 80% (Percentage of the Price, except when exemptions apply) This is a tax imposed on imports of goods from jurisdictions outside Mount Vema. The rate may be adjusted from time to time per types of item, reduced or waved when reciprocal free trade arrangements apply, or reciprocal use of free ports. Policy on economic barrier to entry applies to tariffs Note: Mount Vema taxes all goods entering into its market, and especially those which can be produced domestically. There are some economic barriers to entry, which is a cost that must be incurred by a new entrant into the Mount Vema Market when incumbents do not have or have not had to incur.
Licensing and business registration requirements All individuals and companies doing business in Mount Vema must obtain a Basic Business License and register their business. Some types of businesses require additional certification or permits beyond the Basic Business License and registration. The Office of Fair Trade ensures the health, safety, and economic welfare of District residents through licensing, inspection, compliance, and enforcement programs. In addition, the Office issues certain professional licenses, to regulate public space, and control land use through zoning. Mount Vema requires a "Clearance Self-Certification" from most applicants, which is an affidavit stating that the applicant does not owe more than 500 golles to the District or to the State. Tour Guides must submit a Physician's Certificate. Fees for businesses licenses vary. For example the fee for a Special Event license such as a marathon is 1,000 golles. The license for a movie theater costs 5,000 golles per year, for a grocery store 2,000 golles per year, for a beauty shop 800 per year. Education, healthcare, physicians and other professionals also require occupational licenses, to meet quota limits on the number of people who can enter a certain profession. Tariffs (exports): 10% fixed (Percentage of the Price, except when exemptions apply) This is a tax imposed on exports of goods to from jurisdictions outside Mount Vema. The rate may be adjusted, reduced, or waved when reciprocal free trade arrangements apply. Consumption Tax Consumption Tax: 10% VAT (Value-Added Tax), levy on consumption spending on goods and services. This tax may be adjusted from time to time per category. Excise Tax: This is a levy on certain types of goods that may come into existence within the Vema Seamount territorial waters. Salt Tax: 80% (Percentage of the Price) Sugar Tax: 80% (Percentage of the Price) Single Use Plastic Item Tax: 80% (Percentage of the Price) - (some exceptions may apply) Tobacco Tax: 80% (Percentage of the Price) Alcohol Tax: 60% (Percentage of the Price) Gambling Tax: 60% (Percentage of the Annual Profits) Prostitution Tax: 50% (Each calendar day that the patron pays the prostitution services) Property Tax Site Value Tax: 5% A levy on the value of the unit (a site used to moor a floating property) or a reclaimed land, paid annually by the owner (the leaseholder) of the unit (land) excluding the value of buildings and other improvements when such assets are not yet part of the site. The levy on the value of the unit must be paid annually by the property owner (not the site owner) when, the value of the site includes the value of buildings and other improvements already part of the unit. Vacant Property Tax: 10% A levy on vacant properties. This tax can be paid to the Revenue Services by the owner either annually, or as long as the property remains vacant. Stamp Duty: 5% This is a tax imposed at the time of a real estate or title plan transaction (real estate transfer tax). It must be paid within 14 days of completion of a transaction, to the Revenue Services. If you have a solicitor, agent or conveyancer, they’ll usually file your return and pay the tax on your behalf on the day of completion and add the amount to their fees. District Tax: District Tax is a levy based on a fixed amount for each band to fund district expenditure. The more valuable the property, the higher the tax. The district expenditure includes garbage collection, waste management, the sewer system, breakwaters management, district police, and the fire rescue services. The occupiers of a property are liable, regardless of tenure, or the owners if the property is unoccupied, except if the property is a 'house in multiple occupation', in which case the landlord is liable for paying the District Tax. The property owner will be responsible for withholding the payment and sending the District Tax on to The Revenue Services each year. District assigned bands - Annual Rate
Income Tax Rent Tax: 5% A levy based on rental income. The property owner will be responsible for withholding and sending the Rent Tax on to The Revenue Services each month. Pension Tax: 5% (The tax on State Pension and Workplace Pension) Corporate Income Tax: 10% Individual Income Tax: 5% Income from investments - Tax: 2.5% Credits, including tax credits: 1.5% Income from Charitable Activities - Tax: 0% The taxable income of the taxpayer resident within the Vema Seamount Territorial waters will be the total income less income producing expenses and other deductions. Only the net gain from sale of property, including goods held for sale, will be included in income. Income of a corporation's shareholders will include distributions of profits from the corporation. Deductions will include all income producing or business expenses including an allowance for recovery of costs of business assets. The Kingdom of Mount Vema will require self-assessment of the tax and will require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers not timely paying tax owed may be subject to significant penalties, which may include jail for individuals or revocation of an entity's legal existence. Employers Reporting (Individual Income Tax) Employers will be responsible for Withholding and sending the Income Tax on to The Revenue Services each month, along with various other employment taxes. The amounts deducted from each payment to individual employees must be reported using an electronic submission on or before the day payment is made. When reporting employee income, it must include bonuses, overtime and non-cash payments such as "benefits in kind" (including the use of a company car, company property, etc). At the end of each tax year, the employer must give the employee the FormA121 as a certificate of Pay, and Tax deducted during the year. A FormE121 must be given by an employer to an employee on cessation of employment to certify the employee's pay, and tax contributions from the start of the tax year to date of cessation and also certify that the deductions have been made in accordance with the instructions given by His Mount Vema Majesty's Revenue Services. Legal Entities Reporting (Income Tax) All legal entities must submit FormN1220 to the Revenue Services with their respective annual reports at the end of each tax year. Christmas Message 2020 - Planet Earth: One Hundred Years of History and hope for the next decade24/12/2020 The Vema Seamount Authority - His Mount Vema Majesty King, Peter J. Goldishman
Christmas Message 2020 Planet Earth: One Hundred Years of History and hope for the next decade The year 2020, is a year that will be remembered by all of us with great sadness. As we celebrate Christmas, our thoughts and prayers will be with those few who do so much for so many. Especially the healthcare workers battling the COVID-19 pandemic across the world. History have taught us that human beings will always find the path when faced with great challenges, and prosperity always follows. Let us look at our journey for the past 100 years: 1920s The 1920s, was a period frequently referred to as the "Roaring Twenties" or the "Jazz Age" in North America, while in Europe the period is sometimes referred to as the "Golden Age Twenties" because of the economic boom following World War I. The economic prosperity experienced by many countries during the 1920s (especially the United States) was similar in nature to that experienced in the 1950s and 1990s. Each period of prosperity was the result of a paradigm shift in global affairs. These shifts in the 1920s, 1950s, and 1990s, occurred in part as the result of the conclusion of World War I and Spanish flu, World War II, and the Cold War, respectively. The 1920s saw foreign oil companies begin operations throughout South America. Venezuela became the world's second largest oil producing nation. And in some countries the 1920s saw the rise of radical political movements, especially in regions that were once part of empires. Communism spread as a consequence of the October Revolution and the Bolsheviks' victory in the Russian Civil War. Fear of the spread of Communism led to the emergence of far right political movements and fascism in Europe. Economic problems contributed to the emergence of dictators in Eastern Europe and the Balkans. 1930s The 1930s, was defined by a global economic and political crisis that culminated in the Second World War. It saw the international financial system collapse, beginning with the Wall Street Crash of 1929, the largest stock market crash in American history, and an economic downfall called the Great Depression that had a traumatic effect worldwide, leading to widespread unemployment and poverty, especially in the United States, an economic superpower, and Germany, who had to deal with the reparations regarding World War I. The decade also saw the rapid retreat of Liberal democracy, as authoritarian regimes emerged in countries across Europe and South America, in particular the Third Reich in Germany. Germany elected Adolf Hitler, who imposed the Nuremberg Laws, a series of laws which discriminated against Jews and other ethnic minorities. States such as Ethiopia, China, and Poland were invaded by expansionist world powers, the last of these attacks leading to the outbreak of World War II on September 1, 1939, despite calls from the League of Nations for worldwide peace. World War II helped end the Great Depression when governments spent money for the war effort. The 1930s also saw a proliferation of new technologies, especially in the fields of intercontinental aviation, radio, and film. 1940s The 1940s, was when most of World War II took place in the first half of the decade, which had a profound effect on most countries. The consequences of the war lingered well into the second half of the decade, with a war-weary Europe divided between the spheres of influence of the Western world and the Soviet Union, leading to the beginning of the Cold War. To some degree internal and external tensions in the post-war era were managed by new institutions, including the United Nations, the welfare state, and the Bretton Woods system, facilitating the post–World War II economic expansion, which lasted well into the 1970s. The conditions of the post-war world encouraged decolonization and the emergence of new states and governments, with India, Pakistan, Israel, Vietnam, and others declaring independence, although rarely without bloodshed. The decade also witnessed the early beginnings of new technologies (such as computers, nuclear power, and jet propulsion). 1950s The 1950s, was the decade that the bloodiest war in human history had just ended, and the decade that laid the foundation for many of the political crises threatening the world today. One of the most infamous dictators in history had admitted defeat and committed suicide, and the largest genocide in history had been discovered. Imperialism was on its way out. Although this may sound peaceful, the 1950s were one of the most turbulent decades in global politics. The 1950s saw the rise of global tensions due to cold war, and the world was cleft into two political, administrative and ideological halves — capitalism, espoused by the US, and communism, adopted by the Soviet Union, or USSR. This also gave rise to a third group of non-aligned countries. The new politics during the 1950s were largely determined by the relations between the US and the USSR, and the changing political dynamics due to an increasing number of countries gaining independence from their imperial rulers. One of the first major wars since the Second World War, the Korean War put the conflict between capitalism and communism into sharp relief by pitting the North and South halves of Korea, communist and capitalist respectively, against each other. The USA backed the Southern half openly, sending its army into the battlefield under the aegis of the UN, and the US forces alone outnumbered the North Korean army. The North Koreans were aided by China, who provided the bulk of the united communist armies, and the USSR. In the 50s, in response to NATO’s inclusion of West Germany, a group of Eastern European communist countries formed the Warsaw Treaty Organization of Friendship, Cooperation, and Mutual Assistance, also known as the Warsaw Pact, a mutual defense treaty to negate the West’s advancing power in Central Europe. The Warsaw Pact was the most important Cold War treaty between communistic countries, since the member countries had borders (Iron Curtain) with West-aligned countries in Europe. The members in the Warsaw Pact were the Soviet Union, East Germany, Hungary, Poland, Czechoslovakia, Romania, Bulgaria and Albania. After the Sino-Soviet Split in 1961, Albania aligned with China, and officially withdrew from the Warsaw Pact in 1968. The 1950s saw the start of the decolonization of African countries. The first to gain independence (except Egypt in 1922) was Libya, in 1951. Other Saharan (North African) states soon followed suit, and Ghana became the first independent sub-Saharan country in 1957. In South Africa, the Apartheid was further enhanced by the introduction of numerous laws, such as The Immorality Act: Banned extramarital sex between a white and a non-white person. The Population Registration Act: Forced the population to be classified as Black, White, or Colored. The whites were given higher status in society, administration, political and the legal system. The Group Areas Act: Granted sections of a city to be used by a particular race. The non-whites often had to live in small, congested areas far from work, while the whites enjoyed the benefit of the best living sections. The non-whites had to apply for a ‘pass book’ to enter the white zones. And The Bantu Education Act: Forcibly separated educational facilities on all levels, including universities, on the basis of race. While the blacks in South Africa were suffering under the Apartheid rule, the winds of desegregation had begun to blow in America. A 1954 case, Brown v. Board of Education, overturned previous norms by declaring that separate facilities for whites and blacks are inherently unequal. This, combined with a case in Little Rock, Arkansas, where the National Guard accompanied nine black students — called the Little Rock Nine — to a recently desegregated school and remained in the school for a year for the black students’ protection, helped the Civil Rights Movement in America gather pace. In Cuba, the dictatorship of Fulgencio Batista was overthrown in 1959 in an armed movement led by Fidel Castro, his brother Raul, and Che Guevara. The government put together by Castro was the first communist government in the Western hemisphere, and its close geographical proximity to the USA would go on to cause severe international issues in the coming decades. In Asia, Japan had been defeated in WWII under royal rule and was consequently occupied by the US. The US had a notable say in drafting Japan’s new, democratic constitution. This included the disarmament clause, which prevented Japan from fielding an army. Emperor Hirohito, who had led Japan’s military actions in WWII, also helped usher in the new era of economic progress and social reforms. By the end of Hirohito’s reign in 1989, Japan had become the second largest economy in the world. Japan is still one of the largest economies in the world, with a massive share in a wide range of industries. In the 50s the European Communities was founded, in 1957. The founder members of the EC include West Germany, France, Belgium, Netherlands, Luxembourg and Italy. The United Kingdom, Denmark and Ireland joined in 1973, Greece in 1981 and Spain and Portugal in 1986. The European Communities wasn’t a single entity, but a conglomerate of three working towards similar ends with the same set of rules — European Coal and Steel Community (ECSC), the European Economic Community (EEC) and the European Atomic Energy Community (EAEC or Euratom). Middle East, the newly-formed (1948) Jewish state Israel passed a law granting any Jew automatic citizenship after immigrating into Israel. This spurred Jewish communities in neighboring Arab states to emigrate to Israel. Britain, France, and the United States signed a Tripartite Declaration in 1950 for immediate action if Israel’s frontiers were violated. In response, five Arab League Nations signed a security pact, denying the use of the Suez Canal by Israel. The tripartite declaration stated that the three nations were opposed to the idea of an arms race, but after the Soviet Union started supplying arms and ammo to Egypt, France broke the declaration by supplying Israel with the same. 1960s The 1960s, you could say that first it did not begin well with the John F. Kennedy assassination, then the Beatles' arrival in the United States, then the Beatles' breakup. The assassination of Martin Luther King Jr. "The Sixties" was a decade of complex of inter-related cultural and political trends around the globe. By the end of the 1950s, war-ravaged Europe had largely finished reconstruction and began a tremendous economic boom. World War II had brought about a huge leveling of social classes in which the remnants of the old feudal gentry disappeared. There was a major expansion of the middle class in western European countries and by the 1960s, many working-class people in Western Europe could afford a radio, television, refrigerator, and motor vehicle. Meanwhile, the East such as the Soviet Union and other Warsaw Pact countries were improving quickly after rebuilding from WWII. Real GDP growth averaged 6% a year during the second half of the decade. Thus, the overall worldwide economic trend in the 1960s was one of prosperity, expansion of the middle class, and the proliferation of new domestic technology. The confrontation between the US and the Soviet Union dominated geopolitics during the '60s, with the struggle expanding into developing nations in Latin America, Africa, and Asia as the Soviet Union moved from being a regional to a truly global superpower and began vying for influence in the developing world. After President Kennedy's assassination, direct tensions between the US and Soviet Union cooled and the superpower confrontation moved into a contest for control of the Third World, a battle characterized by proxy wars, funding of insurgencies, and puppet governments. 1970s The 1970s, is the era when I was born, so it has a special meaning to me. No wonder, historians have increasingly portrayed the 1970s as a "pivot of change" in world history, especially on the economic upheavals that followed the end of the postwar economic boom. In the United Kingdom, the 1979 election resulted in the victory of its Conservative leader Margaret Thatcher, the first female British Prime Minister. Industrialized countries, except Japan, experienced an economic recession due to an oil crisis caused by oil embargoes by the Organization of Arab Petroleum Exporting Countries. The crisis saw the first instance of stagflation which began a political and economic trend of the replacement of Keynesian economic theory with neoliberal economic theory, with the first neoliberal governments being created in Chile, where a military coup led by Augusto Pinochet took place in 1973. In Asia, affairs regarding the People's Republic of China changed significantly following the recognition of the PRC by the United Nations, the death of Mao Zedong and the beginning of market liberalization by Mao's successors. Despite facing an oil crisis due to the OPEC embargo, the economy of Japan witnessed a large boom in this period, overtaking the economy of West Germany to become the second-largest in the world. The United States withdrew its military forces from their previous involvement in the Vietnam War, which had grown enormously unpopular. In 1979, the Soviet Union invaded Afghanistan, which led to an ongoing war for ten years. The 1970s saw an initial increase in violence in the Middle East as Egypt and Syria declared war on Israel, but in the late 1970s, the situation in the Middle East was fundamentally altered when Egypt signed the Egyptian–Israeli Peace Treaty. Political tensions in Iran exploded with the Iranian Revolution in 1979, which overthrew the Pahlavi dynasty and established an authoritarian Islamic republic under the leadership of the Ayatollah Khomeini. Africa saw further decolonization in the decade, with Angola and Mozambique gaining their independence in 1975 from the Portuguese Empire after the restoration of democracy in Portugal. The continent was, however, plagued by endemic military coups, with the long-reigning Emperor of Ethiopia Haile Selassie being removed, civil wars and famine. The economies of much of the developing world continued to make steady progress in the early 1970s. They might have thrived and become stable in the way that Europe recovered after World War II through the Marshall Plan; however, their economic growth was slowed by the oil crisis but boomed immediately after. 1980s The 1980s, saw major socioeconomic change due to advances in technology and a worldwide move away from planned economies and towards open capitalism. As economic deconstruction increased in the developed world, multiple multinational corporations associated with the manufacturing industry relocated into Thailand, Mexico, South Korea, Taiwan, and China. Japan and West Germany saw large economic growth during this decade. The AIDS epidemic became recognized. The United Kingdom and the United States moved closer to supply-side economic policies beginning a trend towards global instability of international trade that would pick up more steam in the following decade as the fall of the USSR made right wing economic policy more powerful. The final decade of the Cold War opened with the US-Soviet confrontation continuing largely without any interruption. Superpower tensions escalated rapidly as President Reagan scrapped the policy of détente and adopted a new, much more aggressive stance on the Soviet Union. The world came perilously close to nuclear war for the first time since the Cuban Missile Crisis 20 years earlier, but the second half of the decade saw a dramatic easing of superpower tensions and ultimately the total collapse of Soviet communism. Developing countries across the world faced economic and social difficulties as they suffered from multiple debt crises in the 1980s, requiring many of these countries to apply for financial assistance from the International Monetary Fund (IMF) and the World Bank, with Ethiopia witnessing widespread famine. Major civil discontent and violence occurred in the Middle East, including the Iran–Iraq War, the Soviet–Afghan War, the 1982 Lebanon War, the First Nagorno-Karabakh War, the Bombing of Libya in 1986, and the First Intifada in the Gaza Strip and the West Bank. Islamism became a powerful political force in the 1980s and many terrorist organizations, including Al Qaeda, started. By 1986, nationalism was making a comeback in the Eastern Bloc and desire for democracy in communist-led socialist states combined with economic recession resulted in Mikhail Gorbachev's glasnost and perestroika, which reduced Communist Party power, legalized dissent and sanctioned limited forms of capitalism such as joint ventures with Western firms. 1989 brought the overthrow and attempted overthrow of a number of governments led by communist parties, such as in Hungary, the Tiananmen Square protests of 1989 in China, the Czechoslovak "Velvet Revolution", Erich Honecker's East German regime, Poland's Soviet-backed government, and the violent overthrow of the Nicolae Ceauşescu regime in Romania. Destruction of the 155-km Berlin Wall, at the end of the decade, signalled a seismic geopolitical shift. The Cold War ended in the early 1990s with the successful Reunification of Germany and the USSR's demise after the August Coup of 1991. The 1980s saw great advances in genetic and digital technology. After years of animal experimentation since 1985 the first genetic modification of 10 adult human beings took place in May 1989, a gene tagging experiment which led to the first true gene therapy implementation in September 1990. The first "designer babies", a pair of female twins were created in a laboratory in late 1989 and born in July 1990 after being sex-selected via the controversial assisted reproductive technology procedure preimplantation genetic diagnosis. Gestational surrogacy was first performed in 1985 with the first birth in 1986, making it possible for a woman to become a biological mother without experiencing pregnancy for the first time in history, and the advent of the ongoing practice of sex-selective abortion in China and India as ultrasound technology which permitted parents to selectively abort baby girls. The 1980s was also an era of tremendous population growth around the world. And the global Internet took shape in academia by the second half of the 1980s as well as many other computer networks of both academic and commercial use such as USENET, Fidonet and the Bulletin Board System. By 1989 the Internet and the networks linked to it were a global system with extensive transoceanic satellite links and nodes in most rich countries. Based on earlier work from 1980 onwards Tim Berners Lee formalized the concept of the World Wide Web by 1989 and performed its earliest demonstrations in December 1990 and 1991. Television viewing became commonplace in the Third World. 1990s The 1990s, saw a rise in the awareness of multiculturalism as well as the advance of alternative media, aided by then-new technology such as cable television and the World Wide Web. New ethnic conflicts emerged in Africa, the Balkans, and the Caucasus, the former two which led to the Rwandan and Bosnian genocides, respectively. Signs of any resolution of tensions between Israel and the Arab world remained elusive despite the progress of the Oslo Accords, though The Troubles in Northern Ireland came to a standstill in 1998 with the Good Friday Agreement after 30 years of violence. 2000s The 2000s, was a special decade for us, for the Vema Seamount Territory and its marine life. We have managed to declare the territory sovereign which, made it easier to fight fishing activities that was once wiping out the marine life in the area. The decade also saw the long-time predicted breakthrough of economic giant China, which had double-digit growth during nearly the whole decade. And on the other side, the worldwide economic downturn, which started with the crisis in housing and credit in the United States in late 2007 and led to the bankruptcy of major banks and other financial institutions. The outbreak of this global financial crisis sparked a global recession, beginning in the United States and affecting most of the industrialized world. At the same time, the internet was growing, which contributed to globalization during the decade, which allowed faster communication among people around the world. Social networking sites arose as a new way for people to stay in touch no matter where they were, as long as they had an internet connection. And climate change and global warming became common concerns in the 2000s. The War on Terror and War in Afghanistan began after the September 11 attacks in 2001. The Second Congo War ended in July 2003, so ended the Algerian Civil War, the Angolan Civil War, the Sierra Leone Civil War, the Second Liberian Civil War, the Nepalese Civil War, and the Sri Lankan Civil War. At the same time began the conflict in the Niger Delta, the Houthi insurgency in Yemen, and the Mexican Drug War. 2010s The 2010s, the decade that began on January 1, 2010 and ended on December 31, 2019, was another challenging era for humanity. It was the decade of austerity in many countries, the financial crisis and subsequent the international recession dating from the late 2000s. It was also the decade of a major shift in social attitudes that saw LGBT rights and female representation make substantial progress. In the middle east, the Arab spring changed the direction, which is the cause of the migrant crisis currently experienced by The European Union. In Asia, China launched an enormous economic initiatives and military reforms, that sought to expand its influence in the South China Sea and in Africa. In the world of Information technology, the smartphone became widespread. And Global warming became increasingly noticeable through new record temperatures in different years and extreme weather events on all continents. 2020s The current decade will be shaped by the COVID-19 pandemic. So, the beginning of the next 100 years, just like in 1920s after the Spanish flu, the economic prosperity of the world will be similar in nature to that experienced in the 1950s and 1990s, where each period of prosperity was the result of a paradigm shift in global affairs. These shifts in the 1920s, 1950s, and 1990s, occurred in part as the result of the conclusion of World War I and Spanish flu, World War II, and the Cold War, respectively. Merry Christmas to all and a prosperous New Year December 10, 2020 – His Mount Vema Majesty’s Treasury announced that as of January 1st, 2021 all entities of the Kingdom of Mount Vema will be liable to income tax. The announcement also includes individual income which will be applicable to all individuals employed by a Mount Vema entity regardless of their geographic location, except when exemptions apply.
The current tax rate which will be in force as of January 1st, 2021 is as follows: Corporate Income Tax: 10% Individual Income Tax: 5% Income from investments - Tax: 2.5% Credits, including tax credits: 1.5% Income from Charitable Activities - Tax: 0% The taxable income of the taxpayer resident within the Vema Seamount Territorial waters will be the total income less income producing expenses and other deductions. Only the net gain from sale of property, including goods held for sale, will be included in income. Income of a corporation's shareholders will include distributions of profits from the corporation. Deductions will include all income producing or business expenses including an allowance for recovery of costs of business assets. The Kingdom of Mount Vema will require self-assessment of the tax and will require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers not timely paying tax owed may be subject to significant penalties, which may include jail for individuals or revocation of an entity's legal existence. Taxations will be the responsibility of The HMVM - His Mount Vema Majesty's Revenue Services, which will be the department responsible for the administration and collection of direct taxes including individual income tax and corporation tax, capital taxes such as capital gains tax and inheritance tax, payroll tax, indirect taxes (including value added tax), excise duties and stamp duty (currently Title Plan tax). Employers Reporting (Individual Income Tax) Employers will be responsible for Withholding and sending the Income Tax on to The Revenue Services each month, along with various other employment taxes. The amounts deducted from each payment to individual employees must be reported using an electronic submission on or before the day payment is made. When reporting employee income, it must include bonuses, overtime and non-cash payments such as "benefits in kind" (including the use of a company car, company property, etc). At the end of each tax year, the employer must give the employee the FormA121 as a certificate of Pay, and Tax deducted during the year. A FormE121 must be given by an employer to an employee on cessation of employment to certify the employee's pay, and tax contributions from the start of the tax year to date of cessation and also certify that the deductions have been made in accordance with the instructions given by His Mount Vema Majesty's Revenue Services. Legal Entities Reporting (Income Tax) All legal entities must submit FormN1220 to the Revenue Services with their respective annual reports at the end of each tax year. November 30, 2020 – The Vema Seamount Authority reaches out to many world leaders for different reasons, but most leaders usually prefer other means of communication which have been acknowledged by the Vema Seamount Authority according to VSBCnews sources. However, others request the correspondence to remain confidential. A request that have always been honoured by the Vema Seamount Authority.
What he discusses with other world leaders may never be known. The Vema Seamount Authority is extremely private. But there is someone that remains one of the most highly regarded among the Mount Vema society, and that is the former British PM Theresa May. She was the first world leader who opened a line of communication with the Vema Seamount Authority – Peter Goldishman and never made a request for confidentiality thus openly accepting the status of the Vema Seamount Territory. That gesture did not go unnoticed. When last month, Mount Vema changed its principles governing diplomatic relations with other countries, her actions gained her a place in the history of the Vema Seamount Territory. The Mount Vema principles governing diplomatic relations with other countries now states that, any country seeking to establish diplomatic relations with Mount Vema must show only, its readiness to engage in talks to seek partnerships of mutual benefit. What the former British PM Theresa May did was one of the reasons why the Kingdom of Mount Vema has pledged to remain always ready to work with the United Kingdom at any time on matters of mutual benefit. November 30, 2020 – The Vema Seamount Authority has made changes the Rule of Succession of the Kingdom of Mount Vema.
New order of Succession established by the Mount Vema Royal Order 30112020-1 1- The Current Order of Succession
2- The Order of Succession in the case of the sovereign’s death
3- The Order of Succession in the absence of an Heir
4- The Order of Succession in the absence of the Sovereign’s Will 4.1- The Citizens of the Kingdom of Mount Vema with the assistance of the Judiciary, the Legislative and the Executive shall elect a President, and when such President is elected, the Kingdom of Mount Vema shall cease to be a Kingdom and shall become a Republic. 4.2- All symbols associated with the Monarchy shall form part of a museum created by the state as part of the history of the territory. 4.3- Members of the Royal Family and the spouse of the deceased monarch shall continue to be entitled to all privileges, as well as the relatives of the founding father of the nation.  November 15, 2020 – The Office of the Vema Seamount Authority has released The New Official Photo of His Mount Vema Majesty King Peter J Goldishman – The Vema Seamount Authority. The picture was made available to VSBCnews on Saturday, November 14th, 2020, and is now also available on the official site of the Mount Vema Monarchy.
Most pictures of the Vema Seamount Authority used by VSBCnews are archive pictures, this is the first picture made available to the public this year. His Mount Vema Majesty is very private, he does not take many pictures, so this 2020 Official Photo was welcomed by the society. October 08, 2020 – The Reserve Bank of Mount Vema announced on Wednesday that it will be accepting applications from applicant corporations for Mount Vema banking license that meet banking requirements.
The reserve bank said it will be issuing one full banking license, two international banking licenses, and two non-banking financial institution licenses which can be used as soon as the license is issued. The full banking license can only be used to provide banking services to anyone working within the Vema Seamount territorial waters or to Mount Vema citizens and corporations overseas, and can be used for general banking activities, such as taking deposits. The international banking licenses (offshore banking licenses) will prohibit any local business activities but can be used to provide banking services overseas. Until 2030, holders of a Mount Vema international banking license who engage in supporting city of Mount Vema projects globally will have access to liquidity of up to 5 billion golles in foreign exchange if needed, according to sources at the Bank of Mount Vema. The other license to be issued, the non-banking financial institution (NBFI) license will be for institutions that provide financial services but have to comply with fewer regulations than the ones with a full banking license. Companies who wish to carry on a banking business and apply for a Mount Vema banking license can express interest by contacting the Reserve Bank through the official contact page of Mount Vema to request the list of legal prerequisite for a Mount Vema financial institution. Under the laws of the Vema Seamount Territory, a business is not permitted to carry words like a bank, insurance, national in their name, unless it holds a corresponding license. The cost of a Mount Vema banking license vary but start with $500,000 USD. |
