NEWS
 
Tax agency fails to create new strategy for cheats after three-year effort
The current guiding document is a decade old, and changes since then - including the advent of cash-register ``zapper'' technology that conceals sales - have made it increasingly out of date.
0 0

After a three-year effort, the Canada Revenue Agency has failed to produce a new national strategy to combat the underground economy - despite repeated requests to do so from cash-starved provinces.
   
The provinces, especially Ontario and British Columbia, have been pressing the agency since late 2010 to update its strategy for extracting taxes from the underground economy, estimated to be worth more than $35 billion annually.
   
The current guiding document is a decade old, and changes since then - including the advent of cash-register ``zapper'' technology that conceals sales - have made it increasingly out of date.
   
The agency regularly audits offenders in three most-active underground sectors, that is, construction, retail trade and food services, including table-waiting staff.
   
In 2011-12, the last year for which statistics are available, the agency carried out almost 11,000 underground-economy audits, finding more than $300 million in unpaid taxes.
   
But internal documents from last October show that an updated strategy for targeting the right businesses and workers, with enough resources and agency-wide co-ordination, has eluded officials.

Categories:

Leave a comment:

· Subscribe to comments
Log in and be the first to comment!

@NEWSTALK1010

Facebook

DON'T MISS

SICKKIDS

2 DAYS TO MAKE A DIFFERENCE

Tune in to NEWSTALK 1010 on May 30th and 31st from noon to 6pm and you can make a difference. Click here to see how you can help

IN-DEPTH AND INTERACTIVE

MISSED THE SHOW? DON'T MISS THIS!

Aaron Waxman & Associates present the 4th annual IN-DEPTH AND INTERACTIVE -- if you missed the show, DON'T WORRY. You can check out video and pics RIGHT HERE

NEWS ALERTS

STAY CONNECTED

Sign up for out Breaking News Alerts and receive up-to-the-minute coverage of the top stories of the day

 
0 0

After a three-year effort, the Canada Revenue Agency has failed to produce a new national strategy to combat the underground economy - despite repeated requests to do so from cash-starved provinces.
   
The provinces, especially Ontario and British Columbia, have been pressing the agency since late 2010 to update its strategy for extracting taxes from the underground economy, estimated to be worth more than $35 billion annually.
   
The current guiding document is a decade old, and changes since then - including the advent of cash-register ``zapper'' technology that conceals sales - have made it increasingly out of date.
   
The agency regularly audits offenders in three most-active underground sectors, that is, construction, retail trade and food services, including table-waiting staff.
   
In 2011-12, the last year for which statistics are available, the agency carried out almost 11,000 underground-economy audits, finding more than $300 million in unpaid taxes.
   
But internal documents from last October show that an updated strategy for targeting the right businesses and workers, with enough resources and agency-wide co-ordination, has eluded officials.

Leave a comment:

· Subscribe to comments
Log in and be the first to comment!

Top stories

Watch the video to join us for a look at how one of the world’s largest transportation hubs is run.

Poll

What do you think of closing off Yonge St for three nights for a Will Smith supervillain film?

Voting is restricted to one vote every 24 hours 24 hour(s) VoteResults