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Recognition
Recognition terms and conditions
• The interest-free 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 because there is an own taxation system.
• The CORESA-platform has an internal automatic taxation system where also the government benefits by credits.
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.
Registration of the government of the country
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Elimination of interest-demanding public debt (recommended)
• All interest-demanding public debt shall be repaid by introduction of the value-added exit tax, thus direct repayment of bank debts.
• Central bank: All government bonds in possession shall be converted to interest-free debt.
• All government bonds in other possession shall be converted to zero-bonds and outsourced to CORESA.
• At deposits of exit VAT revenues the government receives a credit of the amount in the public inflation currency. The funds are used for withdrawal requests. |
Registration of holders og state bonds (other then the central bank)
The government needs to contact all creditors to demand that they register at
After registration they need to forward their investor number and BH-Name to the government.
Registration of the converted state bonds
The state bonds 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 can be bought back on an ongoing basis.
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Tax adjustments for the debt elimination
Banks and other institutions providing current accounts need to adjust their software for this automatic taxation.
1%, 4% or 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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