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activities.
§ 21.Income-tax will normally be at the rate of thirty percent of the income.
§ 22.Profit is the increase of assets during one year subject to addition and subtraction of investments and withdrawals and such allowances as may from time to time be permitted by the State. Expenses which do not operate for the maintenance, obtaining and securing of profit have to be disregarded in assessing profits.
§ 22.1.Depreciation for wearing out of assets of a wasting nature is permitted in a
reasonable form.
§ 23.
Natural persons are entitled to a special income-tax exemption. They are not liable to tax on incomes up to an amount of Sealand Dollar 5,000.| Sealand Dollar 5.000 | Sealand Dollar 5.000 |
| Sealand Dollar 6.000 | Sealand Dollar 4.000 |
| Sealand Dollar 7.000 | Sealand Dollar 3.000 |
| Sealand Dollar 8.000 | Sealand Dollar 2.000 |
| Sealand Dollar 9.000 | Sealand Dollar 1.000 |
With more than Sealand Dollar 9,001 they are liable to full income-tax on any excess over this figure.
§ 24.Capital profits for example from the sale of shares, business interests, firms, etc. are not normally liable to taxes.
§ 25.Assets situated in the Principality of Sealand are liable to property tax and death duty. There are not imposed any property taxes or death duties at the moment. Nevertheless the State is entitled to impose those taxes, subject to announcement two years in advance.
§ 26.The State is entitled to make administrative regulations subject to ratification by the Sovereign.
§ 27.This law comes into force the day this document is signed by the Sovereign.
17th May 1976, ROY OF SEALAND
Law concerning the State Bank of the Principality of Sealand
With reference to paragraph 20 of the Constitution, the following law is published on October 1st, 1975, for the State Bank of Sealand:
§ 1.The State Bank shall bear the designation “State bank of the principality of Sealand”
§ 2.The State Bank is a direct legal person of the Principality of Sealand and has its domicile in Sealand with the right to operate branches and appoint agents in any part of the world.
§ 3.The State Bank, with the help of powers concerning Currency policy which are vested in the State Bank by law, shall regulate the money circulation and the credit supply of the Principality with the aim of safeguarding the currency and shall also look after the banking side of payment transactions at home and abroad.
§ 4.
The State Bank shall be managed by the President of the State Bank. He is responsible for executing decrees issued by the State Council on the subject of money and currency.§ 4.1.The President of the State Bank shall be appointed by the Sovereign.
§ 4.2.The President of the State Bank must have special professional qualifications and be approved by the Privy Council from time to time.
§ 4.3.The President of the State Bank has the right to carry out.
§ 4.4.Foreign exchange transactions and business abroad.
§ 4.5.Dealings on the open market.
