SARS claims Mirror Trading International's liquidator owes it R931,121,989.35 in tax and penalties

Jan

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Liquidators recovered R1.1 billion in South Africa's biggest bitcoin scam — now the taxman wants it all

The South African Revenue Service (SARS) is lodging a claim for R931,121,989.35 against the estate of disgraced bitcoin-based network marketing scheme Mirror Trading International.

If collected, the tax would consume nearly all of the money the scheme’s liquidators have recovered to date.

Fokken hell, SARS is hitting them with what looks like a 60% understatement penalty (USP), is that standard practice for them?
 
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Funny how sars's wellbeing goes before any south africans.
Just like ANC.
Maybe they are corrupt like ANC?
xD
 
So, SARS will dip first into anything that was seized, right?
 
Liquidators recovered R1.1 billion in South Africa's biggest bitcoin scam — now the taxman wants it all

The South African Revenue Service (SARS) is lodging a claim for R931,121,989.35 against the estate of disgraced bitcoin-based network marketing scheme Mirror Trading International.

If collected, the tax would consume nearly all of the money the scheme’s liquidators have recovered to date.
Surely when there are losses, they are recorded as such? How can there be 100% tax on money recovered? Are these resources not allocated to individuals first and then taxed based on their profit/loss?
 
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