South Africa's tax authority has uncovered a 1.8-billion-dollar gold scam, in which coins and jewellery were illegally smelted into gold bars for sale overseas, a watchdog said Thursday. Between 2012 and 2020, the scammers bilked the government for 24.4 billion rand by defrauding the tax system, the amaBhungane Centre…
Between 2012 and 2020, the scammers bilked the government for 24.4 billion rand by defrauding the tax system, the amaBhungane Centre for Investigative Journalism said. A total of 65 companies are implicated, but two of them claimed tax refunds of more than eight billion rand in 2019 alone.
“Sale of gold within South Africa carries a tax, but gold exports do not.” What sense does this make?
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