Economy of Auresia

The economy of Auresia is among the world's largest. With a strong focus on trade and business, the nation has evolved into an attractive hub for investment and opportunities. It maintains connections with numerous nations and engages extensively in buying, selling, and trading in global markets.

Overview

Auresia's economy benefits from mixed government oversight and regulation while allowing substantial flexibility for corporate operations. However, stringent standards are in place to penalize any attempt to exploit the system. The government remains neutral towards business as much as possible unless required to address grievances or criminal activities.

Taxation

Taxation in the nation is structured through a series of rates:

Personal income is taxed on a progressive scale. It can be as low as 0% or as high as 30%.
Corporate gains are taxed at 15% without a cap.
Investment gains are taxed at 5% without a cap.

Rules

Domestic firms are prohibited from relocating operations outside the nation for the purposes of tax reduction or avoidance. Foreign firms are disallowed from routing gains earned within the nation to foreign entities to reduce tax liability, leading to an increased taxation levy as a penalty. For overdue taxes exceeding one year, property or assets equivalent to the debt value can be seized by the state for liquidation. This applies to both individuals and firms. Appeals against asset seizure for debt payment are not permitted.

Special Situations

Newly-established firms receive a 20% tax reduction in their first year.
Religious institutions and corporations gain no exemptions.
There are no gift, estate, or death taxes.

Loans

Auresia's regulations on loans prevent predatory practices and toxic debt expansion. Secured loans, often used for housing purchases, require collateral assets worth at least one-fifth of the loan value. Monthly payments cannot exceed one-quarter of the borrower's income. Lenders cannot foreclose on defaulted loans before three months past the default date.

Bonds

Bonds in the nation are issued through underwriting or auction. Government bonds, known as Imperial Lion Bonds, are issued in four investment levels. The rate of return depends on bond terms and market price. Private placement bonds avoid underwriting costs but may not be tradeable in the bond market.

Currency and central bank

The valuation of the nation's currency, the florin, is regulated by the Ministry of Finance. The Bank of Auresia serves as the nation's banker and debt manager and is the world's oldest central bank still in continuous operation.

Finance

The Auresian finance sector covers savings, debit and credit accounts, stock investments, bonds, and loans. These are strictly regulated and specific limits are enforced on various aspects of the industry, such as on interest rates.

Health Care

The health care sector maintains medical services for the nation's citizens. The National Health Service (Servizio Sanitario Nazionale) is the national healthcare service of the country. Access is based on clinical need and not the ability to pay. All citizens are eligible for free primary, emergency, and compulsory psychiatric care as well as secondary care. Non-citizens have access to free emergency care only. Citizens likewise have access to free prescription service for all necessary and maintenance medicines (such as for high blood pressure, diabetes, allergies, or asthma) while non-citizens can only receive medications deemed necessary as a result of their emergency care. Druggists in the nation are highly trained and can assist with basic diagnosis of numerous ailments and provide general medical advice.

Agriculture and Industry

Agriculture, light and heavy industries, energy, and transportation contribute to Auresia's economy.

International Trade

The nation engages in international trade with strict oversight.