Grab the popcorn. The story of how an international team of journalists uncovered the Panama Papers is coming to the big screen with its North American premiere at the Toronto International Film Festival.
The #MauritiusLeaks tax haven leak from the International Consortium of Investigative Journalists (ICIJ) include just a few Canadian connections, but they are barely the tip of the iceberg of Canadian corporations using Mauritius as a tax haven for their operations in Africa.
Two separate reports this week confirm tax dodging is costing the federal government billions in lost revenue.
For the second time this week, experts are sounding the alarm on the multi-billion-dollar cost of tax dodging. Today’s Parliamentary Budget Officer’s report suggests Canada is losing $25 billion or more a year in tax revenues from multinational corporations avoiding taxes through tax havens.
The Canada Revenue Agency’s confidential offshore tax informant program has led to a recovery of almost $20 million so far, and paid out undisclosed amounts to confidential informants
The House of Commons has struck down a Private Member’s Bill to combat international tax haven use. Senator Percy Downe’s Bill-243 would have required Canada Revenue Agency to report on Canada’s tax gap.
CBC investigative journalist Harvey Cashore uncovered that the Canada Revenue Agency (CRA) recently reached an out of court settlement with wealthy KPMG clients who were caught using what the CRA called a grossly negligent offshore tax sham. This is a disturbing development for many reasons.