Director,
T.E.(Terry)
Manning,
Schoener 50,
1771 ED
Wieringerwerf,
The Netherlands.
Tel:
0031-227-604128
Homepage:
http://www.flowman.nl
E-mail:
(nameatendofline)@xs4all.nl : bakensverzet
and
"Money is not
the key that opens the gates of the market but the bolt that bars them"
Gesell, Silvio The
Natural Economic Order
Revised English edition,
Peter Owen,
“Poverty is created scarcity”
Wahu Kaara, point 8 of the Global Call to Action Against Poverty, 58th
annual NGO Conference, United Nations,
For a
drawing of the proposed LETS structures refer to:
DRAWING OF PROPOSED LETS STRUCTURES.
HOW A LETS TRANSACTION WORKS.
This project is designed to
create rapid, sustainable and durable local development.
The project coordinator will
reach a binding agreement with the tax authorities, before the project gets
under way, to ensure that the tax authorities are not deprived of current tax
revenue.
The tax authorities will
define LETS activities carried out in LETS currencies under the project as
non-commercial, and therefore non-taxable.
The project is based on a
tax moratorium of at least 20 years on all LETS activities.
After the moratorium, the
following basic rules will apply:
-1. LETS exchanges where a user helps a friend, or performs a job on a
"one-off" basis are not taxable.
-2. LETS exchanges involving activities not part of the normal business
activities of the supplier are excluded.
-3. The expression "normal business activities" will be interpreted
in the manner most favourable to the users.
-4. Normal LETS exchanges by businesses are taxable.
-5. All costs and business expenses are tax deductible.
-6. Businesses will be taxed in respect of LETS exchanges on the net profits
they generate from them.
Next file :
04.15
How a local money (LETS) transaction works.
Back to:
04.13
Certainty as to project execution.
