The South African Revenue Authority has uncovered a scam linked to sales of gold from the smelting of coins and jewellery, worth almost 1.4 billion euros, an organization which said on Thursday investigation of corruption cases.
Between 2012 and 2020, 65 companies extorted 24.4 billion rand (1.4 billion euros) from the tax authorities (SARS), according to the Center for Investigative Journalism amaBhungane.
During this period, they illegally melted down coins, old jewelry and nuggets from small miners into gold bars for export.
A phantom tax
In South Africa, the sale of gold within the country is subject to a tax but not the export sale.
The sellers therefore fabricated invoices claiming to have paid the tax for sales in the country.
When the gold was finally exported, they demanded reimbursement of this tax which they had in fact never paid.
70% of all gold mined
Two companies alone claimed around 8 billion rand (more than 461 million euros) for the year 2019 alone. legally mined in South Africa,” according to amaBhungane.
The tax authority did not comment on the case.
A recent report showed how SARS, one of the country's most efficient public services, was sunk by state corruption under President Jacob Zuma (2009-2018).
Miscellaneous facts
Gold bars transited at Roissy airport, four suspects arrested
Justice
Finistère: Three years in prison for the theft of 37 ingots and 747 gold coins
South Africa
World
Fraud
Gold
0 comment
0 share
Share on Messenger
Share on Facebook
Share on Twitter
Share on Flipboard
Share on Pinterest
Share on Linkedin
Send by Mail
To safeguard
A fault ?
To print