Taxes: Tax rates are set by congress. Once congress has decided on the tax and voted for it, the tax will take immediate effect.
There are three type of taxes,
- V.A.T. (Value added Tax) - It adds on a tax after the price. Ex. original price is 10 USD, 10% tax when purchasing it would cost 11USD. (It is, simply put, a sales tax)
- Import Tax - Taxes any foreign products. If you are not a citizen of the market you are selling on, you will be charged by this tax. (It is basically a tariff)
- Income Tax - An income tax taxes the money you make on your job. If there is a 50% income tax, when you work for 100 USD, you will only make 50 USD.
To see all the taxes your country has, simply go to Country, scroll down to Economy. Once you are in Economy, you will see all the taxes.
Where do Taxes go?
Taxes go directly to the national treasury. From the treasury, Congress may decide what to do with it by proposing laws.
More often than not, Congress will donate the money to the national Org.