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

D said:
SARS probably took a chance for such a high amount after they saw Tshwane Metro pay that Eskom bill.
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they can go 200% they went 150% thats not a chance - thats legislation for tax evasion...

Also a warning to ppl who think they can "get away with it"
 
The Door said:
Hasn't it already been converted to ZAR?
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Form the article:

In March 2021, the liquidators recovered 1,281 bitcoin frozen by MTI’s former brokerage in Belize, FXChoice.

The liquidators immediately sold the bitcoin and received a relatively favourable rate, getting close to R1.1 billion for the assets.
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Interesting podcast on Smashing Security this week re: CryptoQueen

www.smashingsecurity.com

284: The Most Wanted Missing CryptoQueen

In this special edition of the "Smashing Security" podcast, computer security veterans Graham Cluley and Carole Theriault welcome back author and journalist Jamie Bartlett - host of "The Missing CryptoQueen" podcast. Jamie tells us about his new book, which shares more details about the disappearanc
www.smashingsecurity.com www.smashingsecurity.com
 
The Door said:
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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Obviously for them to show the assessments are wrong. SARS most probably just taxed deposits and added USP. These guys will have to produce proper credible financial statements.
 
Vrotappel said:
Obviously for them to show the assessments are wrong. SARS most probably just taxed deposits and added USP. These guys will have to produce proper credible financial statements.
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not that difficult for SARS to come up with a good amount esp as they had running daily totals and daily profits posted. all coming back to bite them now
 
What about all the MTI snakes like Lindt bolleluva and Co, did they declare all those withdrawals, because that’s where they’ll hurt the most - a SARS assessment on the funds + penalties. Most of them are too slippery to get properly nailed by a criminal case but SARS bankrupting them will work just fine for me.
 
The Door said:
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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An interesting one. SARS should get inline just like any other creditor. Seeing it was a mutual fund profit/loss is calculated on money made by individuals and not the fund.

Speedster said:
From the link you posted:
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Neither of which covers this case. Embezzlement is money stolen from a company by one of its employees and in some cases is still tax deductible. It does not apply to a scheme which was set up to steal money from "investors".

Snyper564 said:
not that difficult for SARS to come up with a good amount esp as they had running daily totals and daily profits posted. all coming back to bite them now
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Running totals posted by the fraudsters no? SARS knows this in which case they know it isn't trusted information. It's funny how each part of government wants to claim a different aspect to the case.

It seems to me SARS knows they don't really have a leg to stand on here that there was a legitimate operation making a profit and simply wants to tie the money up in court further lengthening this case by insisting it's paid first and then disputed.
 
Swa said:
An interesting one. SARS should get inline just like any other creditor. Seeing it was a mutual fund profit/loss is calculated on money made by individuals and not the fund.


Neither of which covers this case. Embezzlement is money stolen from a company by one of its employees and in some cases is still tax deductible. It does not apply to a scheme which was set up to steal money from "investors".


Running totals posted by the fraudsters no? SARS knows this in which case they know it isn't trusted information. It's funny how each part of government wants to claim a different aspect to the case.

It seems to me SARS knows they don't really have a leg to stand on here that there was a legitimate operation making a profit and simply wants to tie the money up in court further lengthening this case by insisting it's paid first and then disputed.
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Re the embezzlement, in this case the money was stolen by people in management which is exactly what the quote covered. They declared profits and those profits are taxable. The fact that the profits were non-existent isn't SARS problem, that's for the criminal prosecutors to sort out.
 
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