TAX evasion in international domain has become so subtle and also gigantic
that the Canadian Finance Minister has announced in his Budget Speech the reward
of 15% of recovered money if Canadians provide tip off to the Revenue Agencies.
Such a reward has been designed to promote overall 'fairness and integrity' in
the tax system.
Canada hopes to garner about USD 6.7 bn additional revenue by plugging
loopholes and USD 2.3 bn by enhancing the effectiveness of the
Revenue.
Among
key steps initiated, some of them are:
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Broadening capitalization rules to resident trusts and also non-resident
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Power to the minister of National Revenue to withhold GST refunds if necessary
information is not provided
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New fines and criminal offences aimed at the use of "supression of sales"
software
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