11^th Imperial Decree: The Levy of Company Taxes

All Companies must keep accurate complete records of all income and expenditure they undertake, and annually they will pay taxes at the level of 15% on the profits showing at the end of the annual period. The Senate will from time to time vary and modify the regulations regarding which expenses can be legitimately set against the income for a company. Money paid out of a company to its owners, while no longer being present to count as profit, does form income for the owners, on which they must pay personal taxes upon receipt. Records must be kept for 10 years, to allow scrutiny to take place, and any taxation errors will be collected as part of the next annual assessment due.

© Tim Hart 2002
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