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
Incorporating
innovative social, financial, economic, local administrative and productive
structures, numerous renewable energy applications, with an important role for
women in poverty alleviation in rural and poor urban environments.
"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, London 1958, page 228
Edition 11: 02
October, 2006
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.
Forward: Local money
transactions.
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