OTTAWA – The Canada Revenue Agency says heightened efforts to fight tax evasion and tax avoidance will recoup $2.6 billion over the next five years.
The agency is detailing how it will use a $444-million government commitment over five years to help improve detection, auditing and prosecution of tax cheaters.
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It says it will review all foreign electronic fund transfers over $10,000 involving the Isle of Man.
In addition, it will examine electronic fund transfers in as many as three other unspecified jurisdictions this year.
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The agency also says it will open a special program to stop organizations that create and promote tax schemes for the wealthy.
The details of the plan follow media reports on the so-called Panama Papers, a leak of 11.5 million records from a Panamanian law firm which shed light on international efforts to use offshore tax havens.
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