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Recognition
Recognition terms and conditions
• The complementary currencies of CORESA are recognized as additional legal tender.
• Institutions of CORESA are exempt from any banking or financial transfer laws because the system is not connected to the central bank and private banks.
• The institutions and participants of the CORESA-platform are exempt from tax and contribution laws at payments with complementary currencies.
• The CORESA-platform has an internal automatic taxation system where also the government benefits at the public currency.
However, tax renevues will be used to repay public debts as long as they exist.
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Recognition agreement
Any country worldwide is welcome to register.
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Elimination of interest-demanding public debt
• All interest-demanding public debt has to be set to interest-free.
• Central bank: All government bonds in possession have to be converted to interest-free debt. |
Conversion of interest-bearing government bonds
Registration of all creditors
The government needs to contact all creditors to demand that they register at
All holders of state bonds need to register.
The proposed bondholder need to forward their investor number and BH-Name to the government.
Registration of the government of the country
The government needs to register here.
The government needs to register the debt.
Conversion of the interest-demanding debt
The debt will be converted to zero-bonds and added to the proposed bondholder.
The zero bonds do not have an expiry date. However they are convertible and can be transferred between bondholders.
The actual debt repayment guarantees that the bonds will be bought back on an ongoing basis.
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Tax adjustments for the debt elimination
For a successful elimination of public debt there are adjustments at the tax system and laws needed.
Banks and other institutions providing current accounts need to adjust their software for this automatic taxation.
Replacement of the current outdated VAT system
It causes a lot of tax-collection costs and accounting costs which can be avoided completely by an automatic system.
Advantages of the new system:
• Bookkeeping for tax reasons is not required anymore.
• Double pricing and calculation is not needed anymore.
• No VAT evasion and avoidance anymore;
This tax is automatically charged at credits to current accounts, 10% at public debt, otherwise 8% or 4%.
If a bank has public debt claims then it can keep the tax revenues to reduce the claims.
1% to 10% Value added exit tax (automatic)
Applicable at bank transfers to business in other states:
For example: 1% to neighbouring and related states (same nation, language, currency), 4% same continent, 10% other continent;
The tax revenues are proposed for a continuous repayment of the converted goverment bonds.
The tax revenue office needs to forward at least 10% to maximum 90% to the debt service account as long as there is an open public debt.
Advantages:
• No tax avoidance and evasion anymore by moving funds offshore.
• Foreign products become more expensive, this helps the domestic market.
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