Nichos's eyes widened slightly in realization. “So… Her Highness pns to make Jo into a simir haven as Foster Liam?”

  Ravenna chuckled, shaking her head in amusement. “No.”

  Nichos frowned in confusion. Before he could ask why, Ravenna leaned forward, her expression sharpening.

  “I forbid external businesses from deciding my duchy’s economy,” she stated firmly. “So, no—I will not be allowing merchant guilds or noble families to set up their headquarters in my city.”

  Nichos furrowed his brows, trying to piece the puzzle together. “Then… how exactly do you intend to ensure that merchants and nobles don’t have to pay Local and Base Tax?”

  A slow, knowing smirk formed on Ravenna’s lips. “I am currently in the process of building a gambling house in Ronin Town,” she revealed. “However, its headquarters will not be in Ronin Town—it will be registered in Jo.”

  Nichos blinked, still struggling to grasp the implications of her words. Before he could ask further, Earl Hessman stepped in.

  “At first gnce,” Hessman said, picking up a quill, “one might assume that because the gambling house is physically located in Ronin Town, it should be headquartered there.” He began writing on a fresh parchment. “After all, per Imperial business registration ws, every establishment must decre an official base of operations—which usually means the pce where the majority of the business is conducted.”

  Hessman paused, allowing the tension to settle before presenting a sealed document to Nichos. “However, Her Highness has established something… unprecedented.”

  Nichos carefully unfolded the document and scanned its contents. His eyes darted over the text until a specific term caught his attention:

  "Holding Company"

  He read aloud, “‘A holding company does not engage in direct commercial operations. Instead, it exists solely for the purpose of financial management and oversight of its subsidiary branches.’”

  As the meaning sank in, realization dawned upon him. Nichos looked up, his expression shifting to one of awe. “So, this means that the holding company—registered in Jo—serves as the main financial body, while the individual gambling houses are merely subsidiaries operating under it.”

  Ravenna gave a slow, approving nod. “Exactly.”

  Nichos continued excitedly, “That would mean that all the money generated from gambling across different regions will ultimately be managed by the holding company in Jo, correct?”

  Hessman smirked and leaned back in his chair. “Now you see the brilliance of it.”

  Nichos quickly pieced together the implications. “Since the Base Tax applies only to the primary headquarters of a business, and since Her Highness controls Jo’s taxation policies, she can set the Base Tax to zero for her holding company.”

  He then snapped his fingers. “And because Jo is exempt from Imperial Tax for the next fifteen years due to the Emperor’s decree… that means no Imperial Tax either.”

  Excitement filled his voice as he turned back to Ravenna. “This is huge! So you’ll allow other merchant guilds and noble families to register their own holding companies in Jo and use the same loophole!?”

  Ravenna’s sly smile widened as she leaned back into her chair, her fingers tapping rhythmically against the armrest.

  “No.”

  Nichos’s excitement faltered. “Huh?”

  Hessman coughed slightly, drawing Nichos’s attention. “Her Highness is not offering Jo as an open market for external control,” he expined. “She does not want other nobles or merchant guilds setting up their own financial bases within her duchy. That would give them too much economic influence over her territory.”

  Nichos frowned. “But if you don’t allow outside ownership of businesses… then how will this system work?”

  Ravenna locked eyes with him, her gaze sharp and calcuting.

  “The gambling house,” she said, pausing for effect. “That is the key.”

  Nichos remained silent, waiting for her to eborate.

  “The gambling houses—The Casinos—will have branches in multiple regions,” Ravenna continued. “However, they will not function using direct currency transactions.”

  Nichos’s brows furrowed further. “Then… how will they operate?”

  Ravenna’s smirk deepened.

  “Casino chips.”

  Nichos tilted his head slightly. “Casino chips?”

  Ravenna leaned forward, her voice smooth and controlled. “A system where nobles and merchants deposit their wealth in exchange for casino chips—chips that can be used exclusively across all my casino branches.”

  Nichos’s breath hitched as the pieces fell into pce. “Wait… so instead of merchants and nobles keeping their money in their own treasuries, they’ll deposit it into the casino system, which is controlled by Jo’s holding company?”

  Ravenna gave a slow nod.

  “Once their wealth enters my system, it is no longer subject to Base Tax or Imperial Tax in the territories where my casinos operate. Instead, it will flow directly into Jo’s Holding Company, where I set the tax rates which will be zero.”

  Nichos listened intently, still piecing together the full scope of her pn.

  “They can open a holding account in my casino,” Ravenna continued. “At the end of each day, their profits will be automatically converted into Casino Chips—as an internal currency exclusive to my casinos. Instead of holding liquid coins in taxable treasuries, their wealth will be stored as chips, which can be redeemed at any time.”

  She paused, allowing the weight of her words to sink in before delivering the final blow.

  “When they need to withdraw, they can convert the chips back into imperial mana coins or any other currency. The only time they will need to pay any tax is during the exchange process, which falls under Local Tax. This means they avoid both Imperial Tax and Base Tax entirely, as long as their wealth remains within my system.”

  Nichos’s mouth parted slightly as understanding dawned upon him. This was more than a tax loophole—this was an entirely new financial model.

  “I… I see,” he muttered, still absorbing the implications. He then furrowed his brows. “But what does the Merchant Association have to do with this?”

  Earl Hessman, who had been quietly observing, finally spoke up.

  “Her Highness already has a great deal of stuff on her pte,” he expined. “Running a duchy, overseeing her territories, and managing an entire casino is an overwhelming task—even for someone as capable as Her Highness.”

  He tapped the parchment on the table.

  “That is why she requires a third-party guild to handle the financial transactions on her behalf.”

  Nichos’s eyes widened as realization struck.

  “She… she wants us to facilitate the movement of the money?” His voice carried a mix of shock and excitement.

  Earl Hessman chuckled, sensing the younger man’s enthusiasm.

  “If this system proves successful,” Hessman continued, “it will result in massive transactions every single month. Money will constantly flow in and out of the casinos, cycling through Jo’s economy in a way that no imperial authority can properly regute.”

  Nichos swallowed hard, his mind racing with the enormous potential of such a venture.

  “That’s why,” Hessman said with a knowing smile, “I am offering her to make an exclusive deal with us.”

  Ravenna leaned back in her chair, observing Nichos with an amused expression as Hessman resumed the discussion with her.

  Nichos clenched his fists under the table, his excitement barely contained. If the Merchant Association secured exclusive rights to facilitate the financial transactions of Jo’s casino empire, they wouldn’t just be moving money—they would become an integral part of one of the most revolutionary financial schemes in the empire.

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