Thursday, January 16, 2014

Canada Implements Offshore Tax Whistleblower Program (1/16/14)

Canada is reported to have implemented a tax whistleblower process, including a hotline, to report offshore tax evaders.  See Jason Fekete, Tax cheats whistleblower hotline up and running (Canada.com 1/15/14), here.  Excerpts:
Revenue Minister Kerry-Lynne Findlay announced Wednesday the government has opened the tipster line for people with information on offshore tax evaders. 
The whistleblower program — now dubbed the Offshore Tax Informant Program (OTIP) — will pay cash rewards to snitches with tips on international tax evasion. 
The CRA will enter into a contract with tipsters and pay them between five and 15 per cent of the federal tax collected for quality information leading to tax assessments and collection of more than $100,000 in additional federal taxes.
I guess the next question is whether Canada will have the negotiating position to bring the banks -- particularly Swiss banks -- to the table for "discussions."

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