Sunday, July 10, 2016

Missing Traders of Precious Metals Such as Gold A Wickenby Derivative

Gold: It’s Still a Pet Rock Wall Street Journal

Like any tax, the Goods and Services Tax (GST ) is vulnerable to 
evasion  and fraud

Questions about the escalating size of the scam were put to Commissioner of Taxation Chris Jordan by Senator John Williams during a Senate committee hearing early last year.

Senator Williams: Would they not be liable for fraud charges?

Mr Jordan: If it was fraud we would have taken action with the Australian Federal Police. What they would be arguing, though, is they would be asserting they were doing what the law allows.

 The ATO reports the cost to taxpayers has now ballooned to more than $550 million and continues to grow. Based on volumes, industry sources guess it may be twice the size. This would make it the second largest tax scam to hit Australia after Project Wickenby, which yielded $985 million in tax and prompted 46 convictions.

The crackdown, known as Operation Nosean, began in October that year. The ATO, Australian Federal Police and the Australian Crime Commission staged more than a dozen raids in Victoria and NSWAt that point, the fraud had cost taxpayers $65 million. Another $65 million was levied in fines and interest as the ATO sent out penalty bills to gold industry players around the country, who they have refused to name Gold fraud $550m tax scam hits gold industry ; Archives...

Australian Federal Police and ATO  issued a press release in 2013 alleging "companies fraudulently claimed GST credits and failed to report GST correctly. They formed syndicates to conceal the true nature of their activities and to avoid detection."  Australia's bullion gst fraud

Austlii: Investrix Pty Ltd v Commissioner of Taxation [2015] FCA 1427 (17 December 2015)

Austlii: JWTT and Commissioner of Taxation (Taxation) [2015] AATA 587 (12 August 2015) 

CANADA: On June 8, 2011, the day after Revenue Quebec raided Kitco's headquarters, Kitco was granted CCAA creditor protection by the courts (similar to U.S. Chapter 11 bankruptcy protection). On November 6, 2014, the CCAA protection was extended again to June 18, 2015.The CCAA protection allows Kitco to continue under its existing management, with Richter acting as a Monitor. Around May, 2014 Kitco paid the majority of creditors in full, with others receiving partial payments (except Revenue Quebec)....

Mail theft and identity fraud has been on the rise, with organised crime syndicates taking advantage of Sydney's apartment boom and targeting the clusters of letter boxes.

All that person needed was my full name, date of birth and home address to get into my inbox and I'm concerned it's just too easy ... identity fraud
Recent  Identity Fraud