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Stop international tax evasion program

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Information about Stop international tax evasion program
Finance

Published on March 4, 2014

Author: canadaupdates

Source: slideshare.net

Description

Tax cheats have always been washing away and getting away from CRA in the absence of an informer. However, along with introducing various measures, the Government now makes an effort to take help from common people in catching upon the cheats so that the process can be even more effective. An informer must be genuine and should possess some documents to prove his point and should be prepared for quite some time to get the cash reward in hand.
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The Revenue Agency on a drive to catch upon cheats has promised to reward the informers with 15% of the recovered money. Finance Minister Jim Flaherty is all set to revive the economy of the country and hence he made this major announcement while tabling he budget. He says that the tax system should be “fair and integral”. There is a tax deficit of $26 billion this year and the Government expects to get a surplus of $800 million by next year. The targets set by the Government The Government plans to raise the revenue by more than $6.5 billion, over the period of nest six years. This would be in addition to the sum generated now. Out of this money, the Government will be able to generate as much as $2.3 billion by adopting strategies to improve the system of dealing with tax cheats by the Canada Revenue Agency. There are plans made to close the loopholes in the tax system by improving the methodology and rewarding the informers with a chunk of the money recovered. The newly introduced system would be tipping off the informers under “Stop International Tax Evasion Program” which is designed to deal with non-compliers of the taxes. The conditions to be met by the informer An informer should ensure that the amount for which he is reporting a tax is either $100,000 or more than this in the federal tax. This amount should be free from the calculations of penalties or interest on the cheated amount. The informer should expect the reward only after the taxes are collected from the cheat. Getting the cash reward An economist from Ernst and Young informed that a tipster has to wait for a long time to get the cash reward as the process would involve series of steps. He added that after receiving any such information the CRA would start with the process of auditing, followed by assessing he tax amount which is open to be challenged by the tax payer legally. This entire process could take a lot of time. Even after assessing, the tax payer has every right to appeal to a tax court and later even to the Supreme Court. All this could take years’ time and hence making the wait for the informer quite long. An informer also needs to be more than sure about reporting a case and it would be preferred by CRA to receive a supportive document to prove the cheat.

Summary Tax cheats have always been washing away and getting away from CRA in the absence of an informer. However, along with introducing various measures, the Government now makes an effort to take help from common people in catching upon the cheats so that the process can be even more effective. An informer must be genuine and should possess some documents to prove his point and should be prepared for quite some time to get the cash reward in hand.

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