Harper Government Cracks Down on International Tax Evasion and Aggressive Tax Avoidance With Launch of Electronic Funds Transfer Initiative
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 01/07/15 -- Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today announced the launch of the Canada Revenue Agency's (CRA) Electronic Funds Transfer (EFT) initiative, introduced in Economic Action Plan 2013 as one of several new measures to crack down on international tax evasion and aggressive tax avoidance.
Effective January 1, 2015, certain financial intermediaries, including banks, have to report to the CRA incoming and outgoing international EFTs of $10,000 or more. These reports will allow the CRA to better identify higher risk taxpayers and files and, in turn, more effectively identify taxpayers who participate in international aggressive tax avoidance and attempt to conceal income and assets offshore.
Our Government's efforts to combat international tax evasion and aggressive tax avoidance are already paying dividends. In fact, the Auditor General of Canada confirmed in his two recent reports on Offshore Banking and Aggressive Tax Planning that the CRA is getting the job done. Taxpayers are taking notice too. Since 2008, the CRA has seen a dramatic increase in the use of the Voluntary Disclosure Program (VDP). VDP disclosures related to offshore issues reached a record level in 2013-2014, with an increase of almost 42% from the previous year's figures, helping the CRA to identify more than $300 million in unreported income. Consequences can be serious for those that do not come forward. From April 2006 to March 31, 2013, the CRA has convicted 62 taxpayers for tax evasion, involving $20 million in evaded federal taxes, court fines of approximately $12 million, and 701 months of jail time.
Quick Facts
Quotes
"Our Government is committed to protecting the revenue base by ensuring that all Canadians meet their tax obligations. Announced in Economic Action Plan 2013, these new measures will help crack down on international tax evasion and aggressive tax avoidance and ensure our tax system remains fair for all Canadians. These new tools will combat offshore tax non-compliance and improve the integrity of the tax system."
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
"Last year I launched the Offshore Tax Informant Program (OTIP) and announced the creation of a new Offshore Compliance Division, supported by $30 million in new and reallocated funds. Now, with the implementation of the new EFT initiative, those who hide income and assets offshore or try to evade or avoid paying the taxes they owe are running out of places to hide."
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
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Rebecca Rogers
Director of Communications
Office of the Minister of National Revenue
613-995-2960
Philippe Brideau
Media Relations
Canada Revenue Agency
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Datum: 07.01.2015 - 19:59 Uhr
Sprache: Deutsch
News-ID 362984
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