Taxes in the Vatican
The Vatican is known throughout the world as the smallest city-state, which includes the papal state. The Vatican is located inside Rome. Despite the fact that it is very small in size - only 0,44 sq. km., with a population of 821 people, is a highly developed state, characterized by a stable economy and high incomes.
The Vatican is the seat of the highest spiritual leadership of the Roman Catholic Church. The state is governed by the Pope, in whose hands all power is concentrated. Local residents with official citizenship are ministers of the Catholic Church.
It is into this dwarf state that huge financial flows flow from all over the Catholic world. This is the reason for the wealth and prosperity of the Vatican. In addition, he owns large real estate located throughout Europe and America.
The Vatican is investing heavily in industry in the US, UK, France and other countries. Foreign investors and businessmen are interested in cooperation with this dwarf rich state, as they see prospects for a successful and uncomplicated opening a business here.
To develop any commercial activity in the Vatican, you need to carefully study the issue of opportunities and restrictions for work. The E-COMMERCE BROKER company knows about all the intricacies of doing business in the Vatican and is ready to share its experience with businessmen.
Are there taxes in the Vatican?
The state's economy is unique because Vatican tax system just missing. While for most countries around the world taxes are the main source of income, the Vatican has a completely different system for replenishing the state treasury.
Such a concept as Vatican taxes, just missing. The main sources of income in the state are:
- Donations coming from Catholics all over the world.
"St. Peter's Penny" is a donation made by all pilgrims arriving at the Vatican, as well as by Catholics living in different parts of the world. They are intended for the Pope.
- The “Institute for Religious Affairs” is the Central Bank of the state, which carries out all international financial transactions.
- Entrepreneurial activities of the Vatican.
The Vatican has a developed printing industry, which produces printed products and stamps. Another direction is coinage. All these products, as a rule, are purchased by collectors and numismatists.
The tourism sector is also important. Every year hundreds of thousands of tourists come to the Vatican, who pay to visit local museums and buy souvenirs. In the absence of taxes, the Vatican is an economically independent state.
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