Department of Treasury (Lehmark)
The Department of Treasury of the Empire of Lehmark is one of the most important Department's in the Empire and its primary function is to oversee responsibility for the collection of fees, payment of citizens pensions and wages and the planning and carrying out the administration of the Imperial Budget. Part of this responsibility is. The Department of Treasury ensures that each Government Department also receives appropriate funding as per the Budget, and it does not exceed spending limitations.
|Department of Treasury|
|Established||19 April 2019|
|Headquarters||Lehmark Capital State|
|Minister of the Treasury||William Lehman I, Emperor and Autocrat of Lehmark|
|Commissioner of Commercial Affairs||William Lehman I, Emperor and Autocrat of Lehmark|
This Department of Treasury has the added task of being is a central policy agency and is expected required to analyse the economy of the Empire, and to predict detect fluctuations and potential issues and is then expected to adjust policies accordingly.
Besides financial collection the Department is also tasked with ensuring economic development of the Empire, this is primarily done through government investment and development of commerce. The Department manages and maintains the Imperial Bank of Lehmark as an Agency of the Department. The Bank's primary function is to allow payments between Citizens and businesses, besides this, the Bank also helps to stabilise the value of the Imperial Florin by ensuring current circulating Florin's do not exceed the prescribed limit of 1,000,000f.
Current Fiscal and Economic Policy
Having achieved our goals last Financial Year 2019/2020 the Empire of Lehmark will embark upon slightly more ambitious projects. Last year we managed to achieve a GDP of $7,911.87AUD and at the time of calculation that equates to $282.56AUD per capita.
In Financial Year 2020/2021 the Empire of Lehmark will:
- Expand silver reserves by $2,000AUD
- Expand Imperial Development Scheme by 5 Citizens
- Increase The Lehmark Store sales
- Gain 2 customers for Micronational Web Services
- Increase Imperial University Graduates by 2 Citizens
- Reduce unemployment by 30%
These policies will hopefully push Lehmark's GDP up to $10,000AUD, which would make us one of the wealthiest micronations in the world. This will secure our economic and fiscal future.
As for the status of the Imperial Florin, if we manage to successfully expand our silver reserves the Imperial Bank of Lehmark will be able to:
- Release another 150,000 Imperial Florins
- Print another 10,000 Imperial Florin Notes
- By the end of 2020 produce silver-plated Lehmark Coins.
Imperial Development Scheme
The Imperial Development Scheme was created by the Emperor and Autocrat of Lehmark on 6 July 2019 - Imperial Decree XXII - On the Imperial Development Scheme and updated with Imperial Decree XXX - On Imperial Taxation Policy 2019 - 2020.
"The Scheme will be aimed at supporting the development of the Empire of Lehmark and will be charged to all Citizens who reside within the Borders of the Empire."
The money raised from the Imperial Development Scheme goes towards the continued development of the Empire.
In 2020 the Imperial Development Scheme will support:
- Production of Passports
- Production of Stamps
- Production of Postcards
- Expanding the Greenery Initiative
- Purchase of Silver Bullion
The Scheme is an optional payment for all Citizens of the Empire, Citizens also have the option to opt-in or out as they choose. However, Citizens who do wish to opt out are required to pay that months amount and cover any debts. The Scheme is not considered a tax and is a voluntary contribution made by the Citizens of Lehmark which contributes to the continued development of the Empire.
Annual Budget and Taxation Policies
In accordance with the Constitution of the Empire of Lehmark, every year the Department of Treasury will release a budget and report for the previous and next financial year. The Constitution establishes that the annual budget is not allowed to exceed the income or expenses of the previous financial year, to ensure the Imperial Government does not go into debt and to ensure a stable and healthy economy.
The Financial Year in the Empire of Lehmark runs from July to June annually.
The Imperial Government is required to release budgets and reports for the Imperial Florin and the Australian Dollar - both of which are official currencies.
As part of current financial practises in Lehmark the Emperor and Autocrat and the Department of Treasury will negotiate the following to be included as part of the budget for the next financial year:
- Increase/decrease of current taxes or the introduction of new taxes
- Increase/decrease in Department or Government expenses
- New Financial Policy
- New Economic Policy
Imperial Decree XLII established the idea of National Wages, both National Minimums and National Caps.
The idea of a National Minimum is to ensure that every citizen has a guaranteed income to ensure they are able to support themselves within the jurisdiction of the Empire. Ensuring that there is equality between workers.
Constitutionally it is an established Human Right that Citizens are able to afford basic necessities, such as food, water, internet, housing and the like. Therefore it was imperative that a worth National Minimum was established so as to honour this Right. In order to keep up with inflation and presumed increases in costs and services, the Imperial Decree establishes that the National Minimum will increase annually by 3% starting on 1 July 2021.
The idea of a National Cap is to ensure that no one is paid too high and to ensure a reasonable limit on income so as to prevent income disparity and unequal conditions.
Lehmark strives to prevent the rampant corruption and money hoarding which has taken place in modern countries, from a truly unequal and disproportionate capitalistic system which has only been to the benefit of the owners of large corporations.
As with the National Minimum, the National Cap is set to rise 3% per annum starting on 1 July 2021 so as to ensure the cap can keep up with increasing costs and inflation.
The Universal Basic Income establishes a weekly payment to all citizens between the ages of 18 - 70, however, once a Citizen reaches the age of 70 it is generally expected that they will retire. Retirement is optional and is not forced, and a Citizen may still receive Universal Basic Income if they choose to keep working.
The National Pension is established at the National Minimum Wage so as to ensure the same provisions for a retired worker as they had during employment. The National Pension is set to increase annually at 2% starting 1 July 2021.
While slightly less than the National Wage increases, it is still high enough to ensure that a retired Citizen can afford basic necessities.
The Imperial Bank of Lehmark was founded as an Agency of the Department of Treasury and to act as the Central Bank of Lehmark. Since the Imperial Banks founding is has expanded to provide Empire-wide services, such as currency management and banking services - with the intent to expand into a Currency Exchange in the future.
Currently, the Imperial Bank also manages financial activities for the Department of Treasury which includes the responsible payment of Universal Basic Income to all Citizens and Imperial Government Wages, and Deduction Taxes. This is all conducted through an efficient automatic online system.
Agency of Commercial Affairs
The Commission for Commercial Affairs was founded under Imperial Decree LIV and is primarily charged with ensuring the corporate and overall health of the economy of Lehmark.
The primary goal of the Commission is to establish policies for employee and employer rights to ensure that everyone is treated fairly and equally at work and that business owners aren't taking advantage of their workers.
The Commission will investigate cases of:
- Tax evasion
- Unethical commercial activities
- Unfair wage payments
- Unfair dismissals
- Breaches of International Trade Treaties
The Agency of Commercial Affairs has the power to press charges against any registered company of Lehmark and to bring said charges before the Supreme Court of Lehmark for trial and judgement