Policy Policy on End-of-Month Balance Reporting for Financial Institutions (v1.0)

[PhillinDeBlanc]

Policy on End-of-Month Balance Reporting for Financial Institutions (v1.0)

Ministry of Trade and Finance
Issued by: PhillinDeBlanc, Minister of Trade and Finance.​

The Ministry of Trade and Finance is empowered to make this policy through:
A.P.00-020 | Legal Entity Act §13
A.P.00-044 | Government Organization Act §16
A.P.00-007 | Revenue Act §6 & 8


1. This policy shall provide guidance to Financial Institutions for the standards of monthly reporting.

2. The total balance for tax purposes shall be calculated in accordance with the company's balance at midnight UTC.

3. Any Financial Institutions (FIs) caught repeatedly lowering their balance right before the end of the month and then raising it right after shall be audited.

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If an audit confirms that this financial institution has a history of this behavior, the MoTF shall place this financial institution on the "Tax Offenders Registry".

The Tax Offenders Registry shall be publicized for all to see.

4. The Financial Institutions on the Tax Offenders Registry shall have the following restrictions:

(a) Total balance for the purposes of calculating taxes shall be calculated as an average of their balance over the month, or the amount they have in their balance at the end of the month, whichever is higher.​

(b) May be referred to the MoJ for criminal punishment.​

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In order to get off the Tax Offenders Registry, a Financial Institution must do the following:

1. Sign a written statement saying: "I do solemnly swear that from this moment onwards I shall no longer attempt to evade taxes."
2. Release a squid into the Dinobe river to repent for their sins.
3. Complete 30 minutes of community service.
4. Be clear of any suspicious balance-shifting behavior for at least one month.