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Canada tightens tax evasion probe, to look closer at Isle of Man

Published 2016-04-11, 12:26 p/m
© Reuters. Canada tightens tax evasion probe, to look closer at Isle of Man

OTTAWA, April 11 (Reuters) - Canada will look more closely
at its citizens' accounts held in the Isle of Man and other
low-tax jurisdictions as it cracks down in the wake of the
Panama Papers revelations, a top official said on Monday.
"Those who hide income and assets offshore or try to evade
or avoid paying the tax they owe will be identified and will
face consequences," National Revenue Minister Diane
Lebouthillier told a news conference.
Since January 2015, Canadian authorities have collected data
on all international funds transfers of more than C$10,000
($7,750), allowing Ottawa to examine potential tax evasion more
fully across an entire jurisdiction, she said.
Lebouthillier said the first to be examined would be the
Isle of Man, which received C$860 million in electronic
transfers in a 12-month period that officials did not specify.
Starting this month, the Canada Revenue Agency will contact
about 350 taxpayers and 400 businesses whose transactions
involve the Isle of Man.
Canada will later start probing financial transfers
involving three other low-tax jurisdictions, Lebouthillier added
but would not say which ones.
Last week Ottawa said it was seeking a copy of the "Panama
Papers" revelations about potential tax evasion.
Canada's new Liberal government promised last month to
invest nearly C$450 million over five years to gather more
information about tax evasion and tax avoidance.
($1=$1.29 Canadian)

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