Liberty Silver Estonia Announces That it Will Temporarily Not Accept New Orders starting July 25, 2016.
Sweden, Proponent of the “Cashless Society”, Levies Tax Charges Against Estonian Precious Metals Dealer.
Swedish Taxing Authority Action Against Liberty Silver Estonia Follows the Closing of Swedish Precious Metals Dealer Tavex Guld & Valuta’s Bank Account Without Notice by Sweden’s Skandinaviska Enskilda Banken(SEB) Last Month.
War on Gold and Silver Dealers?
Another Gold and Silver Dealer Targeted By Sweden?
Liberty Silver Estonia is a precious metals dealer that offers VAT free silver products including American Silver Eagles, Canadian Silver Maples and Austrian Silver Philharmonics.
According to Liberty Silver Estonia: “The Swedish tax authority has through a so called precautionary measure stated that it intends to file a claim in Swedish court against Liberty Silver OÜ contending that Liberty Silver OÜ should be liable for VAT (Value Added Tax) in Sweden on the basis of Liberty Silver OÜ delivering precious metals to customers in Sweden.”
As a result of the Swedish Taxing Authority action, Liberty Silver Estonia announced on July 28 that as of July 25 they have temporarily stopped taking orders.
Liberty Silver Estonia contends that their company offers silver products that are delivered in Estonia solely and therefore is exempt from Swedish VAT. Liberty Silver Estonia believes that the tax action by the Swedish tax authority is harassment and an attempt to “try to hinder us from offering our products to our customers.” Liberty Silver Estonia also notes that it is not the first bullion related company facing “unprecedented and unrighteous action” from Swedish authorities.
Indeed, last month, we broke the story about Swedish precious metals dealer Tavex Guld & Valuta having their bank account closed without notice by Swedish banking giant Skandinaviska Enskilda Banken (SEB). It appears that Tavex Guld & Valuta have sorted out their bank account issues and are taking orders.
Column of Liberty in Tallinn, Estonia.CanStockPhoto
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Sweden and the Cashless Society
Sweden is at the forefront of the movement to eliminate physical currency as a means of exchange.
Sweden is at the forefront of promoting the “cashless society.” According to the Bank of International Settlements, cash represents just 2% of Swedish transactions compared to 7.7% of U.S. and 10% of European Union transactions. More than half of Sweden’s banks do not have cash on hand or accept cash deposits.
Coin dealers are apparently in the cross hair of Swedish cashless society proponents because the gold and silver they sell can be exchanged, traded and used in barter situations outside of a cashless banking system. In addition, gold and silver can be used as savings to avoid the negative interest rates that have plagued Sweden since February 2015.
A Glimmer of Hope?
Earlier this year the Swedish Central Bank issued a statement to the Swedish Ministry of Finance calling for a legal requirement that would require banks to provide cash services. Whether the Ministry of Finance will comply is another matter.
As to the plight of Liberty Silver Estonia, we will keep you posted of any developments.
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Further Reading
The Dark Side of a Cashless Society
SWEDISH PRECIOUS METALS DEALER BANK ACCOUNT CLOSED WITHOUT NOTICE
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