Although the Kingdom of Mount Vema will have a lower tax rate in comparison to some countries, the island will not be completely tax free. Now thanks to a new App to be introduced next week that will also be used in Mount Vema, tax collection and the system of credit and rewarding responsible customers will be made much easier to manage.
The new app, is likely to make a big difference when it comes to public and private finance management is Mount Vema and beyond.
The App and its features were approved by the Mount Vema Central Bank and His Mount Vema Majesty’s Reserve Bank today, giving greenlight for Mount Vema companies and City of Mount Vema project participants to adopt the system to maintain the highest standards of financial management and to keep the Kingdom of Mount Vema free from money laundering.
Customers will only need to own an iPhone which are now available again at Mount Vema stores, and are likely to be big business in Mount Vema and among project participants abroad as everyone is likely to own one to make payments using their mobile app.
The app will also help the Central Bank to monitor consumer spending and better manage inflation. For those who are not tech-savvy cell phone users, banks will be providing physical cards that are compatible with the system. Card holders will be able to track their spending, balance, and benefits.
The government, private employers and people travelling to Mount Vema, will be able to set accounts and load it with foreign exchange for credits to be used in Mount Vema. That way the government expects the island to be completely cash free and will reserve the printing of physical cash only for collectors of bank notes and especially commemorative bills.