Economy of Sancratosia

Economy of Sancratosia
Economy of Sancratosia
	Banknotes of the Sancratosian impresa
Currency	Impresa (SNI, )
Fixed exchange rates	CAD 1$ = SNI 2
Fiscal year	Calendar year
Statistics
GDP	SNI 9 450◊ (2022)
GDP per capita	SNI 196◊ (2022)
External
Exports	SNI 50◊ (est. 2022)
Export goods	arts and antiques; paper goods;
Imports	SNI 1 600◊ (est. 2022)
Import goods	foodstuffs; instruments; miscellaneous; paper goods; textiles;
Main import partners	Canada; United States;
FDI stock	SNI 0◊ (2022)
Public finances
Reserves	SNI 220◊ (2022)
Budget deficit	SNI 0◊ (2022)
Revenues	5% of GDP (2022)
Expenses	90% of GDP (2022)
Economic aid	SNI 0◊ (2022)
Foreign reserves	SNI 0◊ (2022)
	All values, unless otherwise stated, are in SNI

The economy of Sancratosia relies predominantly on public spending facilitated by the government, particularly drawing from the personal finances of the House of Sancratosia, which plays a crucial role in financing the Principality.

Overview

Sancratosia operates with a limited economic base, heavily dependent on the personal fortune of the House of Sancratosia. Economic activities primarily consist of handmade products and service industries, with minimal exports and a reliance on imported goods. The Principality's main export product is postage stamps. Public spending is a cornerstone of economic development in Sancratosia.

Taxes

The tax system in Sancratosia includes a 25% value-added tax (VAT) applied to most goods and services, with prices typically inclusive of VAT. There is no income tax imposed on citizens.

Legal interest rate

As of 1 September 2023 (2023-09-01), the legal interest rate in Sancratosia stands at 5%.

Public finances

See also: National budget of Sancratosia

Public financing plays a dominant role in the Sancratosian economy, comprising approximately 90% of the Principality's GDP. Given its status as a nascent nation, Sancratosia allocates significant resources to governmental development. State revenues primarily derive from personal contributions by the House of Sancratosia.

Commerce

Commerce in Sancratosia is conducted by a mix of privately and publicly owned companies, as well as non-profit organizations. State corporations engage in for-profit activities under government ownership, while private enterprises vary in structure and responsibility. Associations operate as non-profit entities exempt from VAT on sales necessary for their operations.

Most entities engaged in commerce must register with the Registry of Legal Entities, overseen by the Department of Development under the Ministry of Economy. Chez Chloé, registered on 30 November 2022 (2022-11-30), was the first company officially recognized in Sancratosia.

State corporations

Private companies

Associations

Provaluas

Notes and References

Notes

↑ The Sovereign Family offers an annual contribution which allows the budget to register a positive balance.

References

External links

Page about commerce on the official website of the Principality of Sancratosia

[1] The Sovereign Family offers an annual contribution which allows the budget to register a positive balance.

[a]