Osaka Customs to Sell 100kg of Confiscated Gold Worth 13 Billion Yen

May 14, 2024 | News On Japan

OSAKA - Osaka Customs announced on May 13 that it will sell approximately 100 kilograms of gold, confiscated in smuggling cases, through a public auction.

The gold, worth about 12.9 billion yen, was seized between 2020 and 2023 at Kansai Airport and other locations.

The smuggled gold, originally in the form of accessories, has been processed into one-kilogram ingots for the auction. The proceeds from the sale will be deposited into the national treasury.

Smugglers evade consumption tax by not declaring the gold at customs when bringing it into the country. They then add the consumption tax to the price when reselling the gold, profiting from the difference.

According to Osaka Customs, the increase in penalties in 2018 temporarily reduced gold smuggling, but it has been on the rise again since last year. Customs authorities are intensifying their enforcement efforts.

Source: ANN

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