Office of Fee & Tax Regulation

Transaction and Sales Taxes:
There are no taxes on transactions to send or receive or to buy, but there is a 10% liquidity tax when selling on a DEX.   The DEX SELL TAX will be removed once we have sufficient liquidity to join a large CEX.  Be sure your investment profits covers the 10% tax before you cash out or wait until the DEX SELL TAX is removed.

LuxuryFire-Tax Fees: 
This system is designed to ensure a more equitable distribution of wealth by imposing higher tax rates on those with higher incomes. It’s called a “Fire-Tax” because portion of the fee is burned, a portion goes to the treasury. Luxury tax fees are 50% of any luxury service or product obtained through the Iron Republic Bank. 50% of the tax gets burned and 50% goes to a treasury account.

Luxury Tax Example:
You want to govern a land grant and the current governor is selling for 20000 IRBC. If you pay 20000 IRBC for a government luxury taxed service, your final price will be 30000 IRBC. You pay and the current owner gets 20000 IRBC, the previous governor gets 200 IRBC paid for by the treasury, 10000 goes to tax then you become the final owner. Previous land grant governors get paid each time that property governance is sold. 

This progressive taxation model aims to reduce income inequality and provide a means for funding public services and welfare programs. Those with less credits will still get increase in value as the supply reduces. The “Luxury Tax” is returned as an income tax through benefits defined in each particular government offer.

Example Luxury TaxItems:

  • Land Grants.
    When you purchase a land grant, you become a governor of that territory and are owed tax from those living on your land. You are paid regularly by the treasury of the National Bank of the Iron Republic.

  • HomesteadRegistry
    Homes are free for everyone as assigned but if you would like a specific home, you may pay for it and the luxury fire-tax for governance to assign you the lordship title.

  • Transportation Securitization.
    Transportation is free within the Iron Republic, so securing long term use of transportation qualifies as a luxury tax item. For maintaining the transportation, you are awarded regular payments as an income tax return that continually pays you as long as you hold the transportation.