Mirror (non)Trading International 2 - The Fallout

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Frikkadel23

Frikkadel23

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airborne said:
You remember that slip up on one of Cheri's blogs or FB post - a comment from a guy asking Cheri to please read her messages because he has cash ready to buy Bitcoin..

I wouldn't be surprised plenty of the people higher up are laundering the profits like that, which in turn may be laundering the profits from another scam or illegal enterprise that generates cash and wants Bitcoin to move funds overseas or under the radar.
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I am sure that the leaders and caw are sitting on a billion plus in some wallets somewhere.
 
Frikkadel23

Frikkadel23

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warrenpridgeon said:
With BTC at $15 500 / almost R250 000 I wonder if lots of people are going to want some profit (i.e. more withdrawal requests than normal)?
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Greed says let me hold while btc goes higher.
next higher high to them is over 20k.
cant wait for btc to crash. And it will suddenly.
 
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Mista_Mobsta

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Frikkadel23

Frikkadel23

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When jeunnesse approached Cheri and Clynton to be leaders for their products in rsa, they turned the offer down.
Why?
becamuse jeunesse was too much hard work with a genuine product.
btc global, mti was much easier , do nothing and the work is done by others.
 
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expedite

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John Tempus said:
Oh boy this is going to end horribly.

When MTI hit the courts and the lawyers look for all funds associated with MTI, these Boere going to have to find the money that was donated to them and return it to the court for distribution.

Well done MTI, you quite literally just fkd these Boere even more than they already were fkd.

PS. What in the name of sweet jesus is a "boers" ? Cheri, ask an afrikaans speaking trailer trash wasgoedhoer you most definitely know that there is no word such as "boers". Singular: Boer , plural: Boere. You are one pretentious stupid piece of sht.

PSS. These stolen funds contributed is just done for tax deductible reasons to possibly reduce their tax liability while going through tax evasion court cases.
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"TAX DEDUCTIBILITY OF BONA FIDE DONATIONS
The Income Tax Act allows for a deduction, against the taxable income of any taxpayer, of any bona fide donation made to, for example, any approved organisation, agency, institution or department of government listed in section 18A(1) of the Act. The deduction is, however, limited to 10% of the taxpayer’s taxable income. The amount of donations exceeding 10% of the taxable income is treated as a donation which was made in the following year of assessment.

TRANSACTIONS NOT REGARDED AS DONATIONS

Where a transaction is not gratuitous in nature (for example, a once-off payment to secure a contract), there can be no donation as defined and, therefore, no donations tax. Although transactions of this nature may not be subject to donations tax, income of this nature or the proceeds of unlawful activities and/or receipts (such as bribes) are generally taxable.

In addition, section 23(o) of the Act prohibits the deductibility of expenditure (including donations), in respect of corrupt or illegal activities such as bribes, fines and penalties."

Lots of fun working this one out!
 
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daneard

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John Tempus said:
Oh boy this is going to end horribly.

When MTI hit the courts and the lawyers look for all funds associated with MTI, these Boere going to have to find the money that was donated to them and return it to the court for distribution.

Well done MTI, you quite literally just fkd these Boere even more than they already were fkd.

PS. What in the name of sweet jesus is a "boers" ? Cheri, ask an afrikaans speaking trailer trash wasgoedhoer you most definitely know that there is no word such as "boers". Singular: Boer , plural: Boere. You are one pretentious stupid piece of sht.

PSS. These stolen funds contributed is just done for tax deductible reasons to possibly reduce their tax liability while going through tax evasion court cases.
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So in terms of this (based on my average knowledge of the tax act [it used to be good]), the donor is liable for paying over donations tax to SARS. Exceptions include where the recipient is an approved public benefit organisation (PBO)(which I doubt these boers boere are).

Per SARS

"The person making the donation (donor) is liable for to pay the donations tax, however if the donor fails to pay the tax within the payment period the donor and donee are jointly and severally liable (section 59)."

Also, the timing of the payment of the donations tax

"Donations tax must be paid by the end of the month following the month during which the donation takes effect or such longer period as SARS may allow (section 60(1))."

Also, MTI wouldn't be able to use the donation as a deduction from taxable income, because
1) they don't seem pay tax in general or make "revenue" (if their CIPC return is to be relied on), so there is nothing to deduct the donation from unless they claim they made some taxable income, and
2) They would need a s18 certificate from "The Boers" if they are an "approved PBO", and even if they somehow got it, the deduction would be limited to 10% of their taxable income (which is, according to their CIPC records) less that R1million.

So bragging about large donations (if you are MTI) is probably not a great idea if you want to avoid having more authorities look at you.

Anyways, maybe we need a "Tax implications" page on the Wiki with links to the things MTI says they are doing, and then having links to the Act and what the impact would be. Maybe I will be able to find some time this weekend :)
 
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quovadis

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daneard said:
Exceptions include where the recipient is an approved public benefit organisation (PBO)(which I doubt these boers boere are).
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They are registered as an non profit and PBO so they can issue section 18a tax certs. The MTI bosses made the donation most likely to reduce their own tax liability for the year...
 
MissKnow-a-Little

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quovadis said:
They are registered as an non profit and PBO so they can issue section 18a tax certs. The MTI bosses made the donation most likely to reduce their own tax liability for the year...
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Only the first R 100 000 of the donation is tax exempt per year. The 20% tax on everything above that. But that is for a natural person. Don't know what applies to a Pty Ltd.
 
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