Tsarlack is a fictional account of an island nation-state simulation. All data regarding Tsarlack Taxation are based solely upon fictional information and are not necessarily based on fact. Data are provided for entertainment purposes only, and are not intended for commercial use. Any resemblance to actual names, brands, persons, figures, locations, places, entities and establishments is pure coincidence.

State of Tsarlack

Ministry of Finance

Tsarlack is a fictional account of an island nation-state simulation. All data regarding Tsarlack Taxation are based solely upon fictional information and are not necessarily based on fact. Data are provided for entertainment purposes only, and are not intended for commercial use. Any resemblance to actual names, brands, persons, locations, places, entities and establishments is pure coincidence.

Tsarlack Taxation Law

No.1757C

 As stated in the Tsarlack Constitution section j) the State of Tsarlack has the right to establish, regulate and collect taxes from its citizens for purposes of state funding. The established tax rate shall not exceed the level of 20%. 

The Tsarlack Taxation System:

 Defined Levels of Wealth:

Tax from Individual Wealth Income:

Low = Less than Ts€6,000

Medium = Between Ts€6,000 to Ts€60,000

High = More than Ts€60,000

Tax from Corporate Wealth Profits:

Low = Less than Ts€25,000

Medium = Between Ts€25,000 to Ts€25,000,000

High = More than Ts€25,000,000

The State of Tsarlack Taxes the following types of income/profits on the above levels of wealth at the following rates:

Tax from Individual Wealth Income:

Low Wealth Individual Income  = 7%

Medium Wealth Individual Income  = 7%

High Wealth Individual Income  = 7%

Tax from Corporate Wealth Profits:

Low Wealth Corporate Profits  = 0% - Set Fixed Nil by Tsarlack Law No.1642B

Medium Wealth Corporate Profits  = 15%

High Wealth Corporate Profits  = 15%

Tax from Industrial Wealth Profits:

Agriculture Industry Profits  = 15%

Dirty Industry Profits  = 15%

Manufacturing Industry Profits  = 15%

High Tech Industry Profits  = 15%

Note: The State of Tsarlack has discontinue in 2020 the Tsarlack practice inherited by the Tsarlack Union to keep all taxes at the rate of 7% for all tax types, because of the international minimum corporate tax rate of 15% that aims to reduce tax competition between countries! 

The Tsarlack VAT System:

 The Tsarlack VAT (Value Added Tax) is charged on every taxable supply of goods or services, that is on every supply of goods or services made within the State of Tsarlack, by a taxable person in the course or furtherance of any business carried on by him or her, other than a supply exempted in accordance with the provisions of the Tsarlack Law. Additionally, VAT is charged on the importation of goods into the State of Tsarlack and on the acquisition of goods from other EU member states.

VAT is an indirect form of taxation intended to burden consumption expenditure. It is an indirect tax because the trader / taxable person acts as an agent of the Ministry of Finance’s VAT Service, collecting VAT from customers / consumers on its behalf and returning the tax to the State of Tsarlack.

VAT is imposed on supplies and collected at every stage of the production, transportation and distribution of goods and services.

Price Levels:

Low = Less than Ts€100

Medium = Between Ts€100 to Ts€1,000,000

High = More than Ts€1,000,000

The State of Tsarlack imposes VAT on purchases of goods and services to the following types of transactions on the above levels of prices at the following rates:

Low Commercial Selling Price  = 7%

Medium Commercial Selling Price  = 7%

High Commercial Selling Price  = 7%

Retail Price Display:

According to this Tsarlack Law all retail prices displayed for goods charged with VAT at all commercial establishments and print should be V.A.T inclusive.

 Note: The State of Tsarlack is continuing the Tsarlack practice inherited by the Tsarlack Union to keep all VAT rates at 7% for all VAT types. 

VAT Exemptions:

The following products and services are exempted from any Tsarlack VAT charge:

VAT Refund:

Foreign visitors to Tsarlack from countries outside the EU can claim back VAT on goods exported in their hand luggage. Visitors are eligible for a VAT refund if:

- They are not holders of a passport or other form of identification from an EU Member State.

 - They have not resided in the State of Tsarlack for more than 365 days in the two years immediately prior to the date of purchase of the goods.

 - The total purchased from one store or a chain of stores is more than Ts€200 and less than Ts€20,000.

 - The goods are exported in visitors' hand luggage by the last day of the third month following the month in which the goods were purchased.

In order to claim the Tsarlack VAT Refund a visitor must:

1) Make purchases from shops that display a “Tsarlack VAT Tax-Free Shopping” sign and simply ask for a “Tsarlack VAT Tax-Free” Receipt.

2) When leaving from State of Tsarlack a visitor must show his/her purchases and passport to customs officials and have the “Tsarlack VAT Tax-Free” Receipt stamped.

3) Proceed to a “Tsarlack VAT Refund” Kiosk location*:

Seaports:       

- Tsarlack Port Cruise Ship Terminal

- OCEAN LD Terminal

- Hedgehog Port

- Tserleck Port

- Excadiz Cruise Ship Terminal

International Airports:          

- Tsarlack International Airport [TSI – All Terminals]

- Tsarlack Airport, Down Tsarlack [DTX]

Note*: There is no “Tsarlack VAT Refund” Kiosk at the Tsarlack Port, Tserleck or Santa-Zarlack border crossings.

4) Receive the refund in:

- Cash (Ts€, US$).

- Credit card.

- Check issued instantly on the name of the purchaser.

5) Depart from Tsarlack.

Tsarlack is a fictional account of an island nation-state simulation. All data regarding Tsarlack Taxation are based solely upon fictional information and are not necessarily based on fact. Data are provided for entertainment purposes only, and are not intended for commercial use. Any resemblance to actual names, brands, persons, figures, locations, places, entities and establishments is pure coincidence.

Low Wealth Corporate Tax Law

No.1642B

All Low Wealth Corporate Profits are taxable at a set fixed nil rate at the level defined by the Tsarlack Taxation System.

Low Wealth Corporate Profits  =  0%

State of Tsarlack: Ministry of Finance

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