An Antwerp gold trader now owes a tax of more than half a billion euros to the tax authorities. Here’s how it all started.
Conflict with the tax administration
If we can be sure of one thing, it is that tax administration is complicated. In addition, tax evasion is extremely risky. When inspection gets involved, the penalties can be very costly. This company called the Industrial Refining Company learned that the hard way.
It is located in Antwerp, Belgium and specializes in the trading of gold and other precious metals. But recently, the Special Tax Inspectorate or ISI became interested in her. After investigation, the ISI noted some disorders in their accounts for the years 2010, 2011 and 2012. This error caused the company to pay a tax of more than half a billion euros.
Tax of more than half a billion euros: the Antwerp company against the tax authorities
According to reports, the Industrial Refining Company acquired a large amount of gold at the time. However, this gold was paid for in cash and the sellers were not registered or identified. Thus, no document makes it possible to follow up the financial flow, we cannot attest if there really was this purchase.
Faced with this irregularity, the ISI decided to reject the deduction of acquisition costs as professional expenses. In addition, she imposed an additional tax of 200%. Now the company must pay a tax of more than half a billion euros for these three years. More specifically, it owes 558 million euros to the tax authorities.
Tax of more than half a billion euros: a long legal dispute
According to FPS Finance spokesman Francis Adyns, this tax is exceptionally high. In any case, the company filed numerous appeals against this decision. Unfortunately, each time, she was unsuccessful. The case even went to the Court of Cassation but nothing helped, this tax of more than half a billion euros will have to be paid.
Néanmoins, Joke Vanden Burning and Toon Sas, Antwerp gold trader’s lawyers have no intention of giving up. Indeed, they said they wanted to seize the European Court of Human Rights or ECHR for “violation of the right to the peaceful enjoyment of one’s property”. Case to follow.