Antwerp gold trader must pay half a billion euros in unpaid tax

Antwerp gold trader must pay half a billion euros in unpaid tax
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One Antwerp gold trader, currently under investigation by Belgian tax authorities, has been ordered to pay a huge tax bill of €558 million, De Tijd reports. A SPF Finances spokesperson said that this was an “exceptionally high” amount.

The Special Tax Inspectorate (ISI) issued its tax demands following a dispute with “Industrial Refining Company”, which is active in trading gold and other precious metals. The company was formerly known as NV Tony Goetz. The ISI was able to demonstrate that the company’s accounts for 2010, 2011, and 2012 were not in order.

Tax authorities decided to reject the company's deduction of acquisition costs as professional expenses. The INI has also imposed a 200% tax surcharge, bringing the total amount owed for the three years to €558 million. The company has desperately attempted to fight the rule, even bringing before the courts, but to no avail.

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Lawyers for the Antwerp gold trader, Joke van den Braden and Toon Sas, will uphold the tax sentence, but they are also considering appealing to the European Court of Human Rights for “violation of the right to peaceful enjoyment of property.”

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