Record tax cheats in Canada disclose off-shore accounts
December 4th, 2009 - 2:37 pm ICT by IANS ( Leave a comment )Toronto, Dec 4 (IANS) A record number of tax cheats in Canada have voluntarily come forward to disclose their off-shore hidden millions of dollars.
In a nation which has one of the highest tax compliance rates in the world, as many as 6,798 rich Canadians have disclosed stashed-away assets worth $1.66 billion on which they have not paid taxes. This is twice the number of those who came forward to disclose their hidden assets last year, said Canadian Revenue Minister Jean-Pierre Blackburn Thursday.
According to the minister, the rush for disclosure among tax cheats was triggered by the government’s message that “people should pay their taxes” or face the consequences.
“People realized that it is a question of time before we get them. I tell them, we will get you, we will find you,” the revenue minister told the National Post newspaper Thursday.
The Canadian disclosures follow reports in the US that as many as 14,700 rich Americans confessed last month to parking illegal money off-shore with the Swiss bank UBS AG. Their confessions came under an American amnesty plan.
The Swiss bank has announced that it will reveal the names of 4,450 Americans who have hidden $18-billion in assets with it.
- Swiss and U.S. government reach agreement in UBS tax case - Aug 19, 2009
- Italians declare 97 bn euros stashed off-shore - Jun 22, 2010
- Indian American groups seek relief on foreign bank accounts - Jul 30, 2011
- U.S. government seeks names of U.S. residents with HSBC India bank accounts to avoid taxes - Apr 08, 2011
- US rejects Indian-Americans' plea on disclosing offshore accounts - Aug 17, 2011
- NRI body wants offshore account disclosure deadline extended - Aug 12, 2011
- US files for disclosure of 4,500 Swiss accounts - Sep 01, 2009
- Swiss court stops transfer of bank client data to US - Jan 23, 2010
- Another Indian American pleads guilty to tax evasion - Apr 14, 2011
- Make public details of Swiss bank account holders, demands Advani - Oct 10, 2011
- US sticks to stand on disclosure of foreign accounts - Aug 21, 2011
- Germany may buy data on tax evaders with Swiss accounts - Jan 31, 2010
- London police arrest man in connection with UBS trading loss - Sep 15, 2011
- Apex court to hear plea on retrieving black money (Lead) - Apr 21, 2009
- Swiss whistleblower to handover offshore banking secrets to Wikileaks - Jan 16, 2011
Tags: amnesty, blackburn, canadians, cheats, compliance rates, confessions, consequences, disclosure, disclosures, hidden assets, illegal money, jean pierre, question of time, revenue minister, rush, swiss bank, tax compliance, toronto, ubs, ubs ag
