The SA Revenue Service (Sars) says it has reasonable grounds to believe the fiscus is suffering “severe financial prejudice” due to the illegal smelting of Krugerrands into gold bars.

The tax authority told the high court in Pretoria in its VAT dispute with Kusasa Refining, a company that buys, sells and refines precious metals, that it suspects tax graft is rife in the second-hand gold industry, which also features the so-called zama zamas...

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