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an older article. same problem we have
HMRC loses Livewire appeal (UPDATED)
After almost of year of waiting, the goverment's VAT fraud appeal against trader is dismissed
Written by Sara Yirrell
CRN, 16 Jan 2009
HM Revenue and Customs (HMRC) has been dealt a sucker punch by the High Court over its appeal against Livewire Telecom’s VAT payment.
Originally HMRC was ordered to pay back all the withheld VAT that it had kept under its disliked ‘Extended Verification’ strategy, aimed at fighting VAT carousel fraud within mobile phone and components traders in the UK.
As a result, HMRC lodged an appeal with the High Court and had been waiting for the result of that for almost a year.
However today, the High Court dismissed HMRC’s appeal, which could send a spark of hope to all the hundreds of other traders that are waiting for money to be paid back.
At this stage it is unclear whether HMRC will lodge another appeal, but one industry expert said it will force the government to re-examine its VAT strategy.
Don Mavin, head of disputes and litigation at accountancy, tax and business advisory firm Vantis, has been working on the case along with David Scorey of Essex Court Chambers, London, and was assisted by John Day of Malletts Solicitors, London.
Mavin said: “This judgement has cleared away a lot of uncertainty and myth that has been surrounding European decisions on VAT.
“I wouldn’t say it will open the floodgates because HMRC will be reviewing this judgement in details and all cases affected by it. However, it is still a positive judgement.”
An HMRC representative sent CRN a comment which reads:
“The judgment agreed with HMRC that the correct legal test had not been applied by the tribunal and supported HMRC’s interpretation as to how the test is to be applied in practice.
"In the case of Livewire Telecom the court decided that the findings of fact by the tribunal meant that even applying the correct legal test the tribunal’s decision stands. However in the case of Olympia Technology Ltd the court found the tribunal should reconsider the case using the correct legal test.
"HMRC is right to tackle fraud in this way and will continue to make decisions to deny input tax where a trader knew or should have known that its transactions were connected with fraud and will continue to robustly defend its position in the Courts.”
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See also:HmrcLivewireHigh-courtLegal
article from today
raders await VAT fraud ruling
February 18, 2010
By Devika Sen-Gupta (contact devikas@mobilenewscwp.co.uk)
Around 600 traders expect Court of Appeal case to provide clarity on UK interpretation of VAT law
A new case between four traders and HM Revenue and Customs (HMRC) is expected to provide clarity on VAT fraud law in the UK, and make clearer the position of 600 traders with between £4 billion and £8 billion of input tax witheld by the UK Treasury.
The claims of four mobile phone and computer chip traders against HMRC will be heard in a conjoined case worth £26.6 million of witheld VAT over five days in the Court of Appeal.
The claims of traders Calltel and Opto Telelinks were heard in joint cases previously in the VAT and Duties Tribunal and the High Court, and were dismissed in both sessions.
The pair have appealed the decisions, and been combined also with trader Mobilx, which failed in the VAT and Duties Tribunal, and trader Blue Sphere Global (BSG), which won its High Court ruling; a decision now appealed by HMRC.
HMRC’s policy to stamp out missing trader intra-community (MTIC) carousel fraud presently hinges on its ‘means of knowledge’ test, which has seen it withold VAT repayments from mobile phone and computer chip traders indefinitely as it acertains whether they have run proper due diligence on their supply chains.
The ruling in the Axel Kittel case said traders should not have VAT witheld provided they have taken “every precaution which could reasonably be required of them to ensure that their transactions are not connected with fraud”.
HMRC’s subsequent ‘means of knowledge’ test has seen VAT witheld from traders for an extended period, without any legislative interpretation in place.
Dass Solicitors partner Alias Dass said: “The law has been uncertain until now because Tribunals do not bind each other, so each Tribunal to date has used different interpretations of the law which was established during the Kittle case. Both HMRC and traders require clarification.”
LHS Solicitor Daniel Berke said: “Traders are expected to find out what due diligence measures are required of them. The case will hopefully provide this clarity. Honest traders are exposed at the moment. If they are unaware that one person in the chain hasn’t paid VAT, the honest trader is getting penalised and not getting VAT repaid.
“The impact of the case is far reaching for traders and will set a standard for other traders to follow in the future.”
In the 2008 Livewire case in the Court of Appeal, won by the trader, Justice Lewison called for clearer guidelines.
He said: “In my judgment in a case of alleged contra-trading, where the taxable person claiming repayment of input tax is not himself a dishonest co-conspirator, there are two potential frauds – the dishonest failure to account for VAT by the defaulter or missing trader in the dirty chain and the dishonest cover-up of that fraud by the contra-trader.”
HMRC has said its policy has had a significant impact upon levels of MTIC fraud involving UK traders, and that its multi-pronged attack has seen annual Government losses reduced by up to £2 billion.
Most significantly, HMRC’s introduction of a reverse charge mechanism in 2007, which removed all VAT requirements from the supply chain and obliged the end-customer to pay VAT at the point of sale, has opened up trade again, and reduced the number of cases into co
Look at their last filing on pink sheets
FYI
A controversial argument deployed by HM Revenue and Customs (HMRC) to detect VAT fraud in a chain of mobile phone transactions will be tested for the first time in the Court of Appeal, starting today (February 15).
I thought the verdic is in march, there in trial now....
Its because of the news yesterday the stock went down....if they had of left it alone we'd be higher
The not so funny part is, its the africa news thats got us in the SP situation....re-read the NR's they all give time frames for completion and non of them came true.....I know I'm going to get the "these things take time" speach ( as I usually do ) and if that was the case don't bull cra! us with unrealistic dates....there is only one PR that you can almost believe and thats the last one....all of te rest are fluff and until they become true a blatent lie....I'm down a bunch of money so I'll wait, my guess is we'll see the quarter numbers next and its going to be ugly......this guy ( Lee ) needs to restore creditiblity with the share holders and quick....I will dump on the next upswing and I've got a pile of shares and if the price is acceptable it will be at the bid until I'm out....
What are you talking about, the guy is 15-20 minutes behind he's not looking at realtime "dude"
Dude you got to get realtime
and don't forget this classic of late, the headline says it receives 4 million order, then goes on to say its a "verbal" a friggen "verbal" then goes on to say it will be firmed in 7 busines days and we've heard nothing......Marty needs to be fired
AmeraMex International Receives $4 Million Equipment Order
AmeraMex International, Inc. (PINKSHEETS: AMMX), a provider of heavy equipment to infrastructure construction, stevedoring and commercial construction, today announced that it has received a verbal commitment for refurbished container handling equipment totaling $4 million.
opps, I meant 10am
News is always at hopefully something
Hey wake up...primegen has a website update....you got to see the figgen babe with the hammer and sikle hat...maybe hope yet whisper
Whisper, scam for what....what did these guys get out of this....again why didn't they dump the 1.5 billion shares into the market.....or was that the plan and some people from ihub and yahoo finance uncovered before it could of unfolded.....was part of the plot to continue to issue outstanding results then dump the shares....who knows.....someone purchase a pile of shares over the last several days anyone could see this, the stock held the mid two's....why, why, why would anyone invest into this, you should be able to buy these shares at .0001cents by now....who is supporting this?....not public investors....so who....again this has all the makings for an epic stock story.....
Found this as well, at least it shows the rig aquisition
http://www.aqm-e.com/PDFS/AM/MiddleMarket11Aug.pdf
Found this in a russian business journal aruji capitol
Monthly Report – September 2009
Russia: Cross-border M&A activity
Overview of major announced deals
As of end of 8 months of 2009, cross-border activity accounted for 35 percent of $19.9 billion Russian
M&A1. Noteworthy cross-border announced deals of August include Rosneft acquiring 50% share in the
Rosneft-Stroytrnsgaz join-venture. Rosneft will pay $200 million for this share in the project which is aimed
to develop oil and gas block in Algeria. PrimeGen Energy Corp. completed the acquisition of Dzhebolskoe
Chikshino Rig Co. for $18.3 million.
In terms of value, outbound activity was significantly higher than inbound activity ($6.04 billion against
$0.9 billion), which is explained rather by size of outbound deals. The average value of top 10 outbound
deals is $587.4 million, where for inbound deals this value is as low as $88.1 million. The activity in both
directions is relatively equal with a little prevalence of inbound deals when measured by number – 39
inbound transactions against 34 outbound transactions.
Table 1: Top 5 announced outbound deals for YTD 31 August 2009
Ann.
Date Target Target country Acquirer Value, USDm
(Stake) Status
30.03 MOL HUNGARIAN OIL AND
GAS NY HUNGARY SURGUTNEFTEGAZ 1843.04
(21.20%) C
19.06 TRNT VLISSINGEN REFINERY
NETHERLANDS 190000-BPD NETHERLANDS LUKOIL 0AO-CLS 1012.28 (45.00%) P
01.06 ADAM OPEL GMBH US SBERBANK, MAGNA
INTERNATIONAL INC.,
PRIVATE INVESTORS 992.95 (65.00%) P
22.04 BLUESTONE INDUSTRIES INC.,
DYNAMIC ENERGY INC., JCJ
COAL GROUP LLC US MECHEL-CLS 568 (100.00%) C
23.04 SIBIR ENERGY PLC UK GAZPROM NEFT-CLS 452.55 (16.00%) C
C-Complete P-Pending
Table 2: Top 5 announced inbound deals for YTD 31 August 2009
Ann.
Date Target Acquirer Acquirer Country
Value, USDm
(Stake) Status
29.05 OIL FIELD SERVICES
ENTERPRISES WEATHERFORD INTL
LTD US 450.85
(100.00%) P
19.02 EAST-EUROPEAN
FINANCE CORP
OTKRITIE FINANCIAL
CORP., PPF CROUP NV,
RUSSIAN FEDERATION
RUSSIA, CZECH
REPUBLIC 278.55
(100.00%) P
24.04 RUSSIAN ALCOHOL CENTRAL EURO
DISTRIBUTION CP POLAND 50.81
(12.00%) P
13.07 UDMURTIA CELLULAR
COMMUNICATION TELE2 AB-B SHS SWEDEN 37.98
(25.5%) C
04.08 DZHEBOLSKOYE
CHIKSHINO RIG CO. PRIMEGEN ENERGY
CORP CANADA 18.3
(100.00%) C
1
Announced by 31st of August 2009, includes only deals with the value disclosed, both completed and pending.
Source: Bloomberg
someone doesn't want this thing to go below .022 for some reason
I just bought some ammx at 12.5 cents I don't know whether to laff or cry
What we are waiting for are the Ghana farm contract $60 million plus, the Ghana Railroad contract 245 million plus, Algeria machine sale 40 pcs of equipment seen on the beginning of Jan, the Algeria Marchetti ETHPE company $60 million, the machines shipping to Nigeria $28 milion dollars and the merger of Cromer and Ameramex $38 million.......thats exactly what we are waiting for
If the next run has to do with the africa deals I will hold until I retire, cause this will eventually be a $5. stock, if we get another PR lioke the last one I'm going to sell into the run and buy back.....TOP 101....
Ya, one of my favorites, good luck today Duke.
Its easy, Marty needs to be fired....this company has all the ammo for the most incompotent stock promoter to send thru the roof....
I just picked up some at 026 I suggest you bail I'm the "kiss of death", thought we might geta bounce
Sheeesh.....I really can't believe this
I;m interested in what wisper finds out hopefully its not a rope and pail....someone just bought 100k plus
This is not a short covering, If i were to short this stock I would wait for sub pennies then buy back.....however just when I see some buying I see big dumping.....if and I mean if, there was some creditibility to this company at all and they issued a PR about how they got "Hood Winked/fleeced" by some internet company with setting up there internet site and apologize,d issued the quarter numbers from a legitament accounting firm with outrages numbers.......boy i would not want to be short, dreaming i know
KBG cell in Siberia, that the room......binger....multi day drunk
If you called the number you must of heard the answering machine voice, the guy sounds like he's been on a binger for the last few days.....I'm going to leave a message ......they wont call me back for sure but thats ok.......I'm going on a binger
Truth be known I cant believe we're still at this share price I woulda thought this would have been shorted to sub pennies by now
Don't vent here, call the number and if you get investor relations x104....start yellingor better still you can leave a message...that way there you don't have to talk to some dumbazz.....
I called the number thats listed on pink sheets 908-382-7924 and the first extension they give was investor relations- no surprise- but they were on another call- no surprise- anyway you all might want to give it a try
What I would like to know who new about this press release, someone started accumulating yesterday at .018 after days of selling at .015.....if its an insider thats good at least their willing to pony up...I still have not sold....waiting for africa
The only blame is no one is buying plain and simple....if we where trading north of 5 or 6 million we wouldn't be accusing each other, until a lot of people start buying this stock we'll drift back and forth...it has nothing to do with the MM's......someone puts in a order for 10 million shares at the market the MM will fill accordingly and we'd go up....anyone want to test this theory
/11/2010 10:03:31 AM * AmeraMex Int'l Ships $600K Order To U.S. Government Weapons Depot (AMMX.PK)
I'm starting to dig deeper, trying to find web sites that are european that has carried the news releases...found www.scandoil.com....www.gulfandgas.com so far at least the news shows up there, probably means nothing
I'm starting to dig deeper, trying to find web sites that are european that has carried the news releases...found www.scandoil.com....www.gulfandgas.com so far at least the news shows up there, probably means nothing
it was actually 188620 at .072
If you go to otcbb punch pgne then go to level 2 they show all trades, amount and at what time you'll see it there....cheers
someone bought 186880 shares at .072 3 minutes before the close....what was that all about