Monday, February 10, 2020

ATO destroys $50 million worth of tobacco destined for black market

0:13
424 views
Embedded video

3:28 PM · Feb 7, 2020Twitter Web App

ATO destroys $50 million worth of tobacco destined for black market


The tax office says it has shut down an illicit tobacco operation in New South Wales for the second time in as many weeks.

Residents of an apartment building in southern India were left in shock after a mix of beer, brandy and rum started gushing out of their taps. The smelly, brown liquid began flowing from kitchen taps in the block of flats, in Kerala, on Monday morning. Bemused residents then contacted the authorities for help, and discovered their water well had been contaminated by officials - albeit accidentally. 

It emerged 6,000 litres of confiscated alcohol had been buried nearby.




... the Copseys were much more than just a pair of fortunate foodies desperate for the Heston experience. Roger was a senior accountant and expert in “international tax structures” and this couple were legal owners of an obscure corporate entity in low-tax Ireland called Bacon and Egg Ice Cream Limited.

The nice couple from Dublin at Heston's restaurant were not quite what they seemed



OLD AND BUSTED: Florida Man. High Latitude Executives prefer Byron Bay poisons ;-)

Follow Up on the Biggest Tax Heist Ever 

I wrote previously about an alleged scheme to steal revenue from various European countries based on claims for refund from so-called “cum-ex” trading.  NYT Article on Perhaps Biggest Tax Heist Ever (1/24/20), here.

I still don’t know the details of the precise scheme but have read in cases I cite at the end of this blog that it operated by having entities (retirement and pension plans) purportedly owning Danish stock on which Danish tax was withheld make claims for refund of the withheld tax under certain double tax treaties.


AND DESERVEDLY SO: Chinese Communist Party Faces Recriminations Over Virus

More (or less) economic limits of the blockchain
Joshua Gans, Neil Gandal 06 February 2020
Cryptocurrencies such as Bitcoin rely on a ‘proof of work’ scheme to allow nodes in the network to ‘agree’ to append a block of transactions to the blockchain, but this scheme requires real resources (a cost) from the node. This column examines an alternative consensus mechanism in the form of proof-of-stake protocols. It finds that an economically sustainable network will involve the same cost, regardless of whether it is proof of work or proof of stake. It also suggests that permissioned networks will not be able to economise on costs relative to permissionless networks. 


Some Thoughts On the Business Roundtable’s Statement of Corporate Purpose RealClearMarkets.


Google Releases a Tool To Spot Faked and Doctored Images MIT Technology Review. Let the arms race begin! 

Welfare Surveillance System Violates Human Rights, Dutch Court Rules Guardian 

Revolt, Populism, and Reaction Mercatus Center. Resilc: “Gurri is the best CIA analyst ever.”