The 'Stop International Tax Evasion Program' is set to target high earning taxpayers who attempt to avoid or evade paying their taxes using extremely high-tech international legal and banking arrangements
New York, New York (PRWEB) May 31, 2013
International tax evasion entails a fiscal cost to governments and taxpayers worldwide. Mark Feldstein and Associates today advises Canadian tax payers of a new CRA special unit committed to protecting Canada’s revenue base and ensuring Canadian’s confidence in the fairness of the country’s tax system. The special unit will crack down on international tax evasion and deliver hundreds of millions of dollars in yearly revenue. Business Review, after reviewing hundreds of chartered accounting firms in Canada, names Mark Feldstein and Associates as a top source for delivering the latest Canadian Revenue Agency updates and tax related programs to Canadian tax payers and commends the firm’s dedication to advising businesses and individuals on all tax related matters.
The CRA special unit proposes to:
- Require certain financial intermediaries including banks to report international electronic funds transfers of $10,000 or more to the CRA. Funding of $15 million over five years will be provided to the CRA for this initiative
- Streamline the process for the CRA to obtain information concerning unnamed persons from third parties such as banks
- Launch a “Stop International Tax Evasion Program” tip line that will reward an individual with up to 15 per cent of taxes collected on assessments exceeding $100,000 in federal tax
- Pay rewards to individuals with knowledge of major international tax non-compliance. Rewards are pair to an individual only if the information results in total additional assessments exceeding $100,000 in federal tax.
“The Stop International Tax Evasion Program is set to target high earning taxpayers who attempt to avoid or evade paying their taxes using extremely high-tech international legal and banking arrangements,” says Mark Feldstein, Founder of Mark Feldstein and Associates. “By offering rewards, the CRA is incentivising honest tax paying individuals and businesses to help lessen the impacts this type of avoidance and evasion has on our country.”
A leak in recent data showing the widespread use of offshore tax havens has created a worldwide political issue regarding tax evasion. In addition to the Stop International Tax Evasion Program, the CRA will also increase audit and compliance efforts. The new special unit will consist of six to 10 people and is part of one of the new measures in the 2013 budget and the Canadian Action Plan.
Mark Feldstein & Associates, Chartered Accountants, provide a wide range of professional services to businesses and individuals. To ensure clients receive the best advice in each area, Mark Feldstein & Associates hire only seasoned specialists who, in turn, devote a good portion of their time to upgrading their skills through in-depth professional development. Mark Feldstein has been practicing public accounting since 1982. He has experience in a wide variety of industries, including retail, manufacturing, importing and exporting, wholesale distribution, technology, restaurants, law firms, engineering firms, architecture firms, education, IT consultants, wealth preservation planning, forensic investigations, internet service providers and construction. The firm highly specializes in voluntary disclosure.