ATO stuns gold refiners with victory in $250m GST case
The country’s biggest Gold refining industry left reeling and case against the ATO. Now they are targeting a $1 billion tax fraud with involving Middle Eastern criminal gangs. This report is published in Sydney Morning Herald on 20th December 2019.
According to the ATO, the tribunal found that the country’s biggest refiner, EBS, claimed wrongly input tax credits as well as unconcernedly claim on GST.
The refining industry has been in the ATO’s crosshairs for at least six years on scale tax fraud, in a scam made possible by loopholes in the GST Act.
Gold bullion no need to pay GST and it’s depend on their currency.