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Antwerp gold trader hit with record half-billion-euro fine for tax evasion

08:39 06/04/2023

An Antwerp gold trader locked in a dispute with tax authorities has been ordered to pay a massive fine for tax evasion - amounting to half a billion euros.

Industrial Refining Company, which is active in the trading of gold and other precious metals, was found by the Special Tax Inspectorate (ISI) to have paid in cash for considerable amounts of gold over the years 2010, 2011 and 2012 without identifying or registering the seller or recording the gold’s origin.

The ISI imposed an additional tax of 200%, bringing the amount owed from the three-year period to a staggering €558 million.

Lawyers representing the gold trader have said they are considering appealing to the European Court of Human Rights for "violation of the right to peaceful enjoyment of property".

Written by Paul Millar