Wednesday, September 13, 2017 6:53:58 AM
Nio Star is the wholly owned subsidiary of SRSR and directly owns the patented land in Nemegosenda.
In Ontario, Canada almost all services (with the exception of beer, liquor, books, most food and medicines) rendered have to add the Harmonized Sales Tax which is 13% on their invoice to the purchasing party.
So when Nio Star pays the Ontario driller, the Ontario geologist, the assay lab, the QP et cetera Nio Star will add the 13% tax on their invoice.
However, if a foreign company like the Bahrain company -mentioned in the email- purchases services in Ontario it is exempt from the HST.
Hence, it appears in the email that Otto was planning to use the Bahrain company to purchase the Ontario services so that they could save the 13% HST tax and then perhaps use 'creative accounting' to tie it into Nio Star's payables..
Dan and Otto as directors of Nio Star know, or ought to know, the obligations of the Ontario company and if they improperly substitute the Bahrain company they are avoiding tax.
I don't know if Otto/Dan actually did this or were just contemplating skirting the HST tax.
Either way, it is an inexcusable fiduciary NO NO.
That is my opinion.
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