missing trader fraud

[dork32]

this was wat was published in the straits times

A import goods and sell it for 1 mil to B. A receive 1.07 mil (goods + gst) then run away with the 70k that is supposed to be paid to iras
B sells goods to C at 1.5 mil and collects (1.5 mil + 105k gst)
because B already paid 70k, he only has to pay extra 35k to iras
C export goods overseas and claim back 105k gst to D
Straits Times say iras lost 140k
dork say straits times cannot do math

 

[limster]

this was wat was published in the straits times

A import goods and sell it for 1 mil to B. A receive 1.07 mil (goods + gst) then run away with the 70k that is supposed to be paid to iras
B sells goods to C at 1.5 mil and collects (1.5 mil + 105k gst)
because B already paid 70k, he only has to pay extra 35k to iras
C export goods overseas and claim back 105k gst to D
Straits Times say iras lost 140k
dork say straits times cannot do math

If A runs away with the 70k that is supposed to be paid to IRAS and C (innocent 3rd party) makes a claim to IRAS for a 70k refund, is that a 70k+70k=140k loss?

Not only did IRAS not receive the 70k GST, IRAS is now obliged to refund 70k to C?

I am not an expert, just wondering....

 

[Besame Mucho]

Now I'm confused too.

 

[sgdividends]

this was wat was published in the straits times

A import goods and sell it for 1 mil to B. A receive 1.07 mil (goods + gst) then run away with the 70k that is supposed to be paid to iras
B sells goods to C at 1.5 mil and collects (1.5 mil + 105k gst)
because B already paid 70k, he only has to pay extra 35k to iras
C export goods overseas and claim back 105k gst to D
Straits Times say iras lost 140k
dork say straits times cannot do math

Actually the loss is 70k to IRAS I think

IRAS paid out $105000 to trader C.
IRAS received $35000 from trader B.

I think traders A,b,c and D are in cahoots

 

[dork32]

Actually the loss is 70k to IRAS I think

IRAS paid out $105000 to trader C.
IRAS received $35000 from trader B.

I think traders A,b,c and D are in cahoots

the loss is 70k. you are right

this is what i mean. states times is written by a bunch of bozos

you take 105k - 35k

states times take 105k + 35k