crytiee
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crytiee
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- Joined
- Aug 9, 2021
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- 106
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- #1
A
BILL
TO
Improve the Financial Institutions Tax Act Amendment with common sense.
The people of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Financial Institutions Tax Act Amendment or FIT Act Amendment”
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Rep. crytiee
(4) This Bill was co-authored by Former President LilDigiVert
(5) This Bill was co-sponsored by Dep. Speaker bibsfi4a
2 - Reasons
(1) To improve the financial institutions' taxation system, so that they can better serve their clients.
(2) It does not make sense to charge financial institutions based on revenue, it is like taxing a business for the money they do not have.
(3) Instead, this bill proposes to tax the financial institutions based on their monthly profit.
(4) This bill would reverse a change that was made to the FIT act 5 months ago.
3 - Terms
(1) Amendments
Replaces:
(3) Deposit-taking financial institutions will be required to keep detailed accounts of their revenue from investments as well as their obligations to their depositors. They will be required to report their net revenue as well as their obligations to the depositors at the end of every month to the Department of Commerce within the last 5 days of a month.
(a) Should deposit-taking financial institutions purposefully misrepresent their profits in reports to the Department of Commerce, they may be prosecuted for Tax Evasion in accordance with the Taxation Act.
(b) Revenue shall be calculated as any income from investments, service fees, and any other streams of income. The revenue shall be calculated from the date of the last report, or in the instance of the first report, either from the date this bill is signed or the date of the founding of the institution, whichever may be later.
With:
(3) Deposit-taking financial institutions will be required to keep detailed accounts of their profits from investments as well as their obligations to their depositors. They will be required to report their net profits at the end of every month to the Department of Commerce within the last 5 days of a month.
(a) Deposit-taking financial institutions will calculate monthly net profit by adding up their total revenue for that month, excluding unrealized gains on investments, and subtracting compensation paid to employees, interest paid on accounts, and the cost of producing any other product or service sold or provided by the institution. They will report net profit calculated thus through a DOC ticket in Discord.
(b) Should deposit-taking financial institutions purposefully misrepresent their profits in reports to the Department of Commerce, they may be prosecuted for Tax Evasion in accordance with the Taxation Act.
BILL
TO
Improve the Financial Institutions Tax Act Amendment with common sense.
The people of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Financial Institutions Tax Act Amendment or FIT Act Amendment”
(2) This Act shall be enacted immediately upon its signage.
(3) This Bill was authored by Rep. crytiee
(4) This Bill was co-authored by Former President LilDigiVert
(5) This Bill was co-sponsored by Dep. Speaker bibsfi4a
2 - Reasons
(1) To improve the financial institutions' taxation system, so that they can better serve their clients.
(2) It does not make sense to charge financial institutions based on revenue, it is like taxing a business for the money they do not have.
(3) Instead, this bill proposes to tax the financial institutions based on their monthly profit.
(4) This bill would reverse a change that was made to the FIT act 5 months ago.
3 - Terms
(1) Amendments
Replaces:
(3) Deposit-taking financial institutions will be required to keep detailed accounts of their revenue from investments as well as their obligations to their depositors. They will be required to report their net revenue as well as their obligations to the depositors at the end of every month to the Department of Commerce within the last 5 days of a month.
(a) Should deposit-taking financial institutions purposefully misrepresent their profits in reports to the Department of Commerce, they may be prosecuted for Tax Evasion in accordance with the Taxation Act.
(b) Revenue shall be calculated as any income from investments, service fees, and any other streams of income. The revenue shall be calculated from the date of the last report, or in the instance of the first report, either from the date this bill is signed or the date of the founding of the institution, whichever may be later.
With:
(3) Deposit-taking financial institutions will be required to keep detailed accounts of their profits from investments as well as their obligations to their depositors. They will be required to report their net profits at the end of every month to the Department of Commerce within the last 5 days of a month.
(a) Deposit-taking financial institutions will calculate monthly net profit by adding up their total revenue for that month, excluding unrealized gains on investments, and subtracting compensation paid to employees, interest paid on accounts, and the cost of producing any other product or service sold or provided by the institution. They will report net profit calculated thus through a DOC ticket in Discord.
(b) Should deposit-taking financial institutions purposefully misrepresent their profits in reports to the Department of Commerce, they may be prosecuted for Tax Evasion in accordance with the Taxation Act.