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The Banking Department is responsible for allow the public to see current budget graphs, dividend charts and to adjust the economic values within Icyhrt by adjusting the shop items, adjusting crime fees, adjusting any and all payouts from the bot. The Banking Department also works alongside other Departments such as Community Affairs and Justice to provide rewards or to provide the fines for those convicted of crimes.
Our responsibilities
Our responsibilities
One of the most important responsibilities for the Banking Department is to collect taxes at the start of every new councilship. This is to ensure that the new councilship has funds and does not alter their spending or add random taxes as we are only allowed to collect taxes at the start of this period. When it comes to dividend taxes, these are collected at the start of each month when dividends are paid out to it's members. Aside from tax collection we are required to work with other departments within Icyhrt either to hand out rewards or issue fines on behalf of each department. Last but not least is to adjust the values of the economy either by adjusting them to council standards or if allowed to do our own independent values whether its payouts, crime fees, items, and bot salaries.
Taxation Info
Taxation Info
Bank Balance Taxation
Bank Balance Taxes are always collected at the start of every councilship based on the tax rates set by the previous Councilship. These taxes are automatically logged and removed from your bank balance. If you were taxed you get sent an invoice informing you about this collection. Everyone who meets the requirements for taxation will be taxed regardless if they're within the server or banned. In the attempt that an invoice cannot be delivered we'll still collect taxes, but you may fight it in court if you are to return and ask about your missing funds.
Bank Balance Tax Rates
As of January 6th, 2025 the 2nd Councilship agreed to set the following tax rates for bank balances:
BDF Tax: 1% for those with I$N 55,000 or more.
General Funds Tax: 12% for those with I$N 15,000 or more.
Salary Tax: 13% for those with I$N 500,000 or more.
Wealth Tax: 10% for those with I$N 5,000,000 or more.
There are no exemptions nor is there any way to avoid paying them as they are automatically removed per Icyhrt Civil Code Title 6, Article 6.1, Section 4.
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