‘High-risk’ taxpayers, offshore tax havens part of Ottawa crackdown
OTTAWA—Ottawa is stepping up its fight against offshore tax dodgers by putting “high-risk” taxpayers in the crosshairs, cracking down on the promotion of tax shelters and launching targeted probes of foreign tax havens, the Star has learned.
National Revenue Minister Diane Lebouthillier will unveil the new initiatives at a news conference Monday morning.
The announcement comes after the Star has published a week of daily revelations from the Panama Papers detailing the extensive — and complex — moves by the wealthy to shelter wealth offshore.
The 11.5 million documents from Panamanian law firm Mossack Fonseca comprise the largest journalistic leak in history, which has been analyzed and corroborated by journalists at over 100 news organizations around the world, including the Star. The ensuing reports have implicated a dozen world leaders in offshore dealings, including Iceland’s Prime Minister Sigmunder Gunnlaugsson, who resigned last week, and the U.K.’s David Cameron, who admitted to profiting from offshore investments.
Often such money is held in legitimate investments abroad. But other times, the wealth has been deliberately moved offshore to avoid taxes.
Echoing leaders on four continents who have called for a crackdown, Prime Minister Justin Trudeau said last week that the details in the Panama Papers underscore the need to act.
“There is an increasing desire for transparency and accountability and making sure that everyone is participating to a fair degree,” Trudeau said.
https://beta.thestar.com/news/canad...hore-tax-havens-part-of-ottawa-crackdown.html
OTTAWA—Ottawa is stepping up its fight against offshore tax dodgers by putting “high-risk” taxpayers in the crosshairs, cracking down on the promotion of tax shelters and launching targeted probes of foreign tax havens, the Star has learned.
National Revenue Minister Diane Lebouthillier will unveil the new initiatives at a news conference Monday morning.
The announcement comes after the Star has published a week of daily revelations from the Panama Papers detailing the extensive — and complex — moves by the wealthy to shelter wealth offshore.
The 11.5 million documents from Panamanian law firm Mossack Fonseca comprise the largest journalistic leak in history, which has been analyzed and corroborated by journalists at over 100 news organizations around the world, including the Star. The ensuing reports have implicated a dozen world leaders in offshore dealings, including Iceland’s Prime Minister Sigmunder Gunnlaugsson, who resigned last week, and the U.K.’s David Cameron, who admitted to profiting from offshore investments.
Often such money is held in legitimate investments abroad. But other times, the wealth has been deliberately moved offshore to avoid taxes.
Echoing leaders on four continents who have called for a crackdown, Prime Minister Justin Trudeau said last week that the details in the Panama Papers underscore the need to act.
“There is an increasing desire for transparency and accountability and making sure that everyone is participating to a fair degree,” Trudeau said.
https://beta.thestar.com/news/canad...hore-tax-havens-part-of-ottawa-crackdown.html
