The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label smuggling. Show all posts
Showing posts with label smuggling. Show all posts

Tuesday, September 20, 2016

India's newest attack on gold involves raising taxes on precious metals

Two years ago, the Indian government implemented a tariff on gold importation in an attempt to slow down the massive buying of the precious metal by their people and institutions.  And the blowback from this was a large increase in smuggling since the buying of gold is a deep cultural practice for the Indian people going back thousands of years.

Then the government decided to create a scheme in which individuals and even religious orders should 'lend' their gold to the banking system in exchange for a modicum return of interest.  But the result of this has been negligible as nary a ton of gold has been offered to the banks in exchange for yield.

Now on Sept. 16, the Indian government is proposing a new tax increase on gold and other precious metals in what they call a way to keep from having raise the tax rate on other discretionary and necessary consumer goods.

The Indian government plans a proposal that includes a major increase in the tax on gold and other precious metals so as to give the GST (Goods and Services Tax) Council leeway to keep the proposed nationwide tax below 20%, reports The Hindu as quoted by Gem Konnect. 
The proposal is based on the recommendations of last year’s panel headed by Chief Economic Advisor Arvind Subramanian. The panel had suggested taxing gold and other precious metals at rates ranging between 2%-6%. 
Precious metals are currently taxed at between 1%-1.6%. Meanwhile, about 70% of goods and services get taxed at an average rate of 27% by state governments. To protect their revenues, states have sought that the proposed standard GST rate be fixed at 20%. - Israeli Diamond Industry

Wednesday, September 14, 2016

Gold authorities looking to ways to get airlines to ban transporting gold in carry on luggage

With governments using both high taxation and import restrictions to try to dissuade people from moving out of their fiat currencies and into physical precious metals at the same that these same governments are embarking on devaluing their currencies through zero or negative interest rates, the natural reaction has been a rise in smuggling to try to bring metals like gold and silver into restricted markets.

And similar to how some ivory tower economists now want to ban physical cash using spurious reasons like money laundering and its use in illegal activities, a group of gold authorities now want airlines to ban the transportation of gold by gold holders in their carry-on luggage.
Leaders of the global gold industry have called on airlines and aviation authorities to ban the transport of the precious metal as hand luggage to reduce the risk of smuggling, which is said to be costing billions of dollars a year in lost government revenue. 
They want gold to be shipped only as hold cargo, which would allow for "proof of responsible sourcing" and lift what is regarded as a threat to miners’ employment and mining companies’ profits. 
Delegates at the Africa Dubai Precious Metals Forum, held in Accra, Ghana, agreed on a "call to action" to airlines, air transport companies and the global air authorities to "ban the hand-held personal carriage of gold in favour of adopting a cargo-only policy". 
The cabin transportation of gold is generally legal around the world, subject to airline weight restrictions and customs regulations. Gold bars and finished jewellery are often flown between manufacturing and retail centres, including Dubai. - Thenational.ae