Realcent.org

http://jessescrossroadscafe.blogspot.co ... ec-in.html


Ouch................

MONTREAL - Kitco Metals Inc., a prominent Montreal gold dealer cited by Revenue Quebec as involved in a major tax fraud in the gold-trading sector, denies any wrongdoing.

In a statement, the company said it has never participated in any tax fraud, nor has it ever carried out any fictitious transactions, and it will "vigorously contest all aspects of the Revenue Quebec investigation."

The company filed a motion Thursday in Superior Court to have an interim receiver appointed so it can resume operations.

Kitco said it buys precious metals scrap and pays the suppliers sales tax on the purchases, for which it gets a credit. It's the responsibility of the suppliers to remit the sales tax to Revenue Quebec, Kitco said, and if they don't, it should not be held accountable.

Kitco said it has "respected all applicable laws and bylaws since the founding of the company over 30 years ago."

Revenue Quebec investigators and police conducted searches and seizures at 70 locations on and around the island of Montreal this week to break up what they allege was a major tax-fraud scheme that cost taxpayers more than $150 million and involved as many as 125 companies.

Read more: http://www.montrealgazette.com/news/Mon ... z1OtcEz2ER

This could be a massive impact if true.

Jon Nadler (Senior Metals Analyst at Kitco Metals), articles always seemed to present himself as being a little shady.



“what payment will it take to get you into that car today?”

I was surprised to read about this

What I read in the globe and mail makes it sound like Kitco did nothing wrong and is doing nothing wrong. Some of their customers on the other hand are going to be the ones that did the wrong. It said that Kitco paid the taxes but their customers did not claim the taxes they were paid. It will be interesting

Harvey Organ's comment on the Kitco tax fraud story:

"It is also interesting that Kitco immediately filed for an interim receiver Richter Usher Vineberg as this will no doubt turn into an absolute mess. The gold at Kitco is unallocated and thus can be attacked by Revenue Canada. This would create the biggest run on a "bank" in history for Canada as depositors of gold at Kitco immediately seek redemption. Thus Kitco had to act immediately.The unallocated gold is surely a mess but when you add in the tax consequences, this will dwarf the Refco fraud."