Above: The National Treasury has had much of it’s taxation duties transferred to Regional Treasuries
Regional Treasuries have been established in both constituents of the Confederation in the first of a range of areas which will be devolved to the regions of Gurvata and Leylandiistan, the two constituents of the Confederation. The Devolution of Financial Powers Act 2015 was signed into law by both Co-Presidents today. The government is now required to ratify three separate budgets in the National Budget in May; it must decide which taxes are to be collected by the National Treasury and which ones will be collected by the Regional Treasuries. At Budget Day, all three treasuries must submit their budgets for review and ratification. The Co-President of each region will now take control of their respective Regional Treasury, unless they delegate this duty to another citizen.
The law will take effect in 7 days to allow the necessary changes to take effect. The National Contribution Charge will now be collected by the Regional Treasuries, to allow them to take control of the three grant schemes outlined in May’s National Budget. The NCC funds amassed so far will be proportionally redistributed among both Regional Treasuries before next Thursday in accordance with the new act. While the NCC will be raised by Regional Treasuries, VAT will continue to be the National Treasury’s responsibility, while a decision on Corporate Profits Tax will be made when the first CPT returns are due.
In other economic news, a preliminary agreement on a trade deal with Siar Fordell has been reached. The Foreign Secretary initiated dialogue with the North American micronation when a discussion on agriculture yielded a shared interest between both countries. Siar Fordell and the Confederation are now looking to finalise a deal where bell pepper and tomato seeds from Siar Fordell would be exchanged for Leylandiistani rocket, chive and herb seeds. The deal will be completed before the end of the month, and further agreements on other areas of trade could be made before Autumn. Béal na Tíre is aware that the Confederation’s government is also discussing similar trade arrangements with other non-SJEP members.