Hong Kong and Singapore style tax adopted to cover tech costs

The Government announced today that it is introducing tax friendly policies to pay for its complex network of systems provided by technology companies that keep the key services of government working.

There are more than 25 tech companies that somehow directly or indirectly provide services to His Mount Vema Majesty’s government, costing the territory thousands of US dollars per year and the cost is likely to increase year on year as the society grows.

The services provided by the tech companies are vital now and will be in the future, facilitating news reports, maritime information, real time weather updates, banking which is vital to pay for goods and services, and so much more that some of those companies never get credit for the work they do.

As of this May 2017, fees and taxation will apply to all financial transactions within the Kingdom of Mount Vema financial system to enable the government to maintain the public services to the highest standards and keep up with new technology and security, and most important user experience when using services provided by Mount Vema.

Both corporate and personal income tax rate will start from 3% and will go up to 10% for those working on City of Mount Vema Projects, and as migrant workers get ready to set sail, the government has reassured sub-contractors again today that all will be done to make the territory a safe place to live and to do business.