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Treasury Component
Allows citizens holding an Elected Title with tax permission to set taxes and select the World Default Currency.
The Treasury Component allows Elected Titles that have been granted the right to 'Set Taxes at the Treasury' to adjust the tax rate and select the World Default Currency.
Taxes
After Taxes are set in the Treasury Component, they are automatically applied to all relevant transactions. All revenue goes into the Treasury Bank Account. Elected titles that have the setting 'Government Banking Privileges' can transact directly from the Treasury account (allowing selection of the account within the Credit Component). Money can also come out of the treasury via Laws that make payments to citizens.
World Default Currency
The World Default Currency is the default Currency used when placing a new object that contains the Credit Component. Citizens can still choose to use any currency in a Trade, but having a World Default Currency makes it is easier to establish an economy with a common currency.
Direct Taxes
Elected Titles with rights to 'Set Taxes at the Treasury' can tax or allocate funds directly from citizens. This is done through managing the desired currency and selecting which citizens the action will apply to. An elected title must always give a reason why they are performing this action that is displayed to all citizens.
Treasury management also includes the option to dump currency from the Treasury account. This will remove the currency permanently, so be careful when using this ability on backed currencies.