Report: South African Taxes and Smuggling Behind Gold’s Price Distortions in ...
Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious metal’s actual production figures. Recycled Gold vs Non-Recycled Gold According to a new report that outlines the extent of the problem, such price discrepancies (which seem to be more prevalent in Southern Africa) stem from South Africa’s gold tax policies. Explaining how South....
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New submissions by a South African regulator, the Financial Sector Conduct Authority (FSCA) and liquidators have exposed the web of lies and deceptive tactics that were used by Mirror Trading International (MTI) CEO Johann Steynberg and others to perpetuate the Ponzi scheme. Undeclared Losses In its report filed with the South African court, the regulator also exposes the true extent of losses that were incurred by the bitcoin investment company. For instance, in what the FSCA calls the “first period,” MTI had a “total of nearly 51 bitcoin (that) were deposited with....
A recentarticle in Forbes caused a stir. The piece was entitle "A Guide to South Africa's Economic Bubble and Coming Crisis". The article lays out the economic case that current South African economic growth is illusory: fuelled by 'hot money' and a resulting credit bubble that is ready to pop. It is argued that a global economic environment of low interest rates has resulted in the necessary economic distortions to drive this massive credit bubble. Interest rates should represent the price of savings in an economy. People either save or spend their earnings. What isn't spent is saved.....
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.
A South African university has said starting this year it will issue blockchain-based certificates to students graduating from the learning institution. University administrators argued that a blockchain-based certification system will help prevent fraud and end the production of fake documents. QR Code for Each Certificate A South African learning institution, the University of Johannesburg (UJ), has said it will issue blockchain-based certificates to its graduates starting this year, a report has said. According to the report, each qualification document issued by the university will....
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....