Budget Day has arrived at last, with the government’s spending plan for the coming year being launched today at Orchardstown. The National Budget for 2015 established the financial year in Leylandiistan & Gurvata as running from May 1 to April 30 of the following year. This budget will take effect on May 1, and concerns spending until April 2016.
The Budget, released by the government with information supplied by the National Treasury, showed the current balance of the Treasury stands at €56.50, and that no expenditure was made with the accumulated funds thus far. The government took this opportunity to introduce several new schemes to kickstart the economy and improve the country:
- The Enterprise Grant Scheme allows new start up companies to apply for a small grant from the government. €25.00 has been set aside for this fund, though the government said this may be exceeded should demand merit doing so. Currently there are no private or state-owned companies operating in the Confederation, though any start-ups would likely focus on the Confederation’s prosperous food industry
- Regional Improvement Grants will give funding to projects “aiming to improve the lives of citizens” through the improvement of facilities, cleaning-up of areas, decorating, e.t.c. The need for such a scheme came about after a government meeting concluded small amounts of money should be set aside to help improve the Confederation. €30.00 has been allocated to the scheme. Areas surrounding Northern Gurvata have been highlighted as meriting funding, while a new border fence in Leylandiistan was also earmarked a few weeks ago.
- The Agricultural Payment Scheme became law this year in the Agricultural Regulation Act 2015. The funds needed to operate this scheme were appropriated today. €22.50 will be paid to farmers, €15 of which will be given to An Fheirm Agricultural Co-operative, whose application to become a legally recognised commercial entity is being processed.
- Outside of these three schemes, the government also set aside money to help run the country. €10 will be spent on administration costs, such as stationery, tax receipts and postage. Another €15 will be allocated to government department funding. The departments (Foreign Office, Ordnance Survey, State Organic Regulation Authority) must apply for the funding they need, either on a case by case basis or for all the funding they need.
The government also introduced two new taxes, VAT and Corporate Profits Tax. The VAT rate has been set at 7.5% for goods produced in the Confederation, and 10% for imported goods sold in the Confederation. Imported cider will be subject to a higher tax rate of 27.5%, to encourage consumers to buy cider made in the Confederation. The Corporate Profits rate will also be 7.5%. Leylandiistan & Gurvata is unique in that the accounts of all companies must be audited by the National Treasury. Any irregularities can result in the suspension of their operating license, issue by a Treasury subdivision, the Registrar of Commercial Entities.
The government estimates that there will be a budget surplus of €50.00, a figure which will either increase if there is a lack of response to the grant schemes, or reduce if there are further tax cuts (as seen in April) or some kind of emergency. You can read the National Budget for 2015 by clicking here: National Budget