Venice. In the Republic’s economic budget (excluding Cyprus and the recent acquisitions of Polesine, Cervia, Cremona, and Puglia), presented using double-entry accounting, income and expenditure amount to 1,150,000 gold ducats, of which 230,000 are sales taxes, 100,000 are salt sales, 330,000 are mainland cities, 200,000 are overseas domains, and only 160,000 are direct taxes. The largest expenditure items are 26,000 in salaries, 155,000 in interest on government bonds, 90,000 in expenses for mainland cities, 200,000 for overseas cities, and a net surplus, available for wars, of 620,000 ducats, or almost 60% of the total! It should also be noted that Venice limits the use of direct taxes to exceptional periods: the norm is zero direct taxes, and the numbers reported above make it clear why there was no need for them.
