LONDON, Aug. 19, 2019 /PRNewswire/ -- ILOCX orders impact study on the UK economy based on a 10 year roll out of the ConFlow Power technology.
Edward Fitzpatrick said, "When new technology has such a significant impact on society, its consequences must be measured, and the disruption must have a disciplined approach."
Fuel duties in the UK are levied on purchases of petrol, diesel and a variety of other fuels. They represent a significant source of revenue for the government. The Office for Budget Responsibility expects fuel duty to bring in £28.4 billion in 2019-20. That would represent 3.5 per cent of all tax receipts and is equivalent to £1,000 per household and 1.3 per cent of national income.
How will we levy a tax on air? The combination of the ConFlow Power Device and the Power as a Service (PaaS) model and technology will mean a total paradigm shift in the way we use and pay for power in devices, transportation and homes. Having a device that recharges itself harvesting electrons in the air is complicated from a payment and charging perspective and the looming taxation question. According to confused.com who indexes fuel prices weekly to formulate an average, we paid a mean 129p per liter last week for our petrol.
The tax per liter is 57.95p. Less than half but a big chunk all the same. When you add the VAT its more than half the total cost of a single liter of fuel.
According to motoring research from data issued by Deloitte there will be another 21 million electric cars on our roads within 10 years, so what is the impact of those cars running on ConFlow? The impact will be enormous at any percentage.
Will we need a tax on air? Controversial as it may sound but essential it may be. ConFlow Power must demonstrate that it can think in the future as it will create the new wave of power for the future and this taxation factor is part of that thinking.
The ConFlow Power balanced disruption policy and eco reform objective is calling for a tax on air and preparing for that eventuality by adding the feature into the tech capability. The time to do this is now as potentially hundreds of thousands of devices will hit the market in the coming years, these will need to be ready for multiple revenue stakeholders including taxation.
ConFlow has partnered with Power as a Service Limited (PaaS). This will be the mechanism that charges for the battery top up. It's a charge on the technology not so much the air, similar to Software as a Service (SaaS).
Within the combined ConFlow/PaaS device will be the ability to levy the taxation element of the fuel top up, should it be required. The ConFlow devices never run out of power as they harvest it constantly from the abundance of electrons in the air. Just like all communications went wireless, power has taken the first step to go completely wireless and off the grid. ConFlow Power has the potential to disrupt world markets over the coming decades and is observing a strict policy of collaboration with industry and government to ultimately better serve the end user and make power both limitless and clean.
The UK is likely heading for a Norwegian style relationship with the world on trade post Brexit, let's use this market as a yardstick. In September 2018, the Norwegian market share of all-electric cars reached 45.3% and plug-in hybrids 14.9%, for a combined market share of the plug-in car segment of 60.2% of new car registrations. This was the world's highest-ever monthly market share for the plug-in electric passenger segment in the world. Accounting for conventional hybrids, the electrified segment achieved an all-time record 71.5% market share in September 2018. In October 2018, Norway became the first country where 1 in every 10 passenger cars registered was a plug-in electric vehicle. Norway ended 2018 with plug-in market share of 49.1%, meaning that every second new passenger car sold in the country in 2018 was a plug-in electric. The market share for the all-electric segment was 31.2% in 2018.
As can be seen by the startling statistics from Norway, the electric revolution is happening fast. This means we must all plan ahead because the apparent distant future, approaches faster these days. The ConFlow/PaaS partnership will be governed by smart contracts and hosted on a distributed ledger or 'Blockchain' to manage the movement, payments, charges and levies for all stakeholders.
ConFlow Power has a unique licensing model to gain market share very quickly and will be announcing the first of these arrangements shortly.
Fuel duty is levied per unit of fuel purchased and is included in the price paid for petrol, diesel and other fuels used in vehicles or for heating. The rate depends on the type of fuel:
- the headline rate on standard petrol and diesel has been frozen since 2011-12 at 57.95 pence per liter. This also applies to biodiesel and bioethanol;
- the rate on liquefied petroleum gas is 31.61 pence per kilogram;
- the rate on natural gas used as fuel in vehicles (e.g. biogas) is 24.70 pence per kilogram; and
- the rate on 'fuel oil' burned in a furnace or used for heating is 10.70 pence per liter.
VAT is applied after fuel duty, so, for example, the pump price of a liter of petrol currently reflects the pre-tax price plus 57.95p for fuel duty plus 20 per cent VAT on the pre-tax price and a further 11.59p for VAT at 20 per cent on fuel duty.
The conclusion therefore as new technology advances fast to shift the way we do almost everything, it seems ConFlow will power the next wave of life. The Air Tax Levy would mean you could be paying tax over the air via the Blockchain to your Government for the air used to power your device, house or car.
Should you wish to contribute to this research please email [email protected]
www.ConFlowpower.com for more information
SOURCE ILOCX
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