C.F.C. 98-028 The Cyberian Income and Corporate Earnings Taxation Act of 1999

Article 1: All citizens and resident aliens shall be taxes at the following levels based on one calendar year of income. Income is defined as wages and salaries, interest from money market accounts, and banking accounts.

Bracket No. 1: Incomes with less than ~34,999.99 are considered at an insolvency level and do not incur tax.
Bracket No. 2: Incomes between ~35,000 and ~74,999.99 are taxed at 1%.
Bracket No. 3: Incomes between ~75,000 and ~129,999.99 are taxed at 2%.
Bracket No. 4: Incomes between ~130,000 and ~249,999.99 are taxes at 3%.
Bracket No. 5: Incomes between ~250,000 and ~999,999.99 are taxes at 5%.
Bracket No. 6: Incomes between ~1 million and ~4,999,999.99 are taxed at 8%.
Bracket No. 7: Incomes between ~5 million and ~14,999,999.99 are taxed at 11%.
Bracket No. 8: Incomes above ~15 million are taxes at 14%.

Article 2: Goods imported from other countries shall be taxed at no less than 7 percent of their value. We shall reciprocate, however, any tariff that is higher than this. Exported goods shall be taxed at no more than 2 percent of their value.

Article 3: All corporation or businesses owned privately, or collectively, shall be assessed taxes based on net profits. This tax shall be set at 8 percent.

Article 4: Taxes shall be assessed on capital gains of ~1 million or greater at 7 percent. Capital gains shall include profits made on stocks and bonds, and in real estate used in a trade or business. Capital losses may be claimed up the amount of capital gains in any year. Any loss amount left over may be carried forward to the following year.

Article 5: All employers shall withhold taxes from employees and make quarterly payments to the Bank of Cyberia. This quarterly payment will also include the employer's share of corporate tax payments.


CFC 98-029 Amendment to Finance Commission Act of 1998

The Chairman of the Finance Commission shall be the Minister of Treasury unless otherwise directed by the President. 1