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In a major development in Tax System the Conservative Government has announced rewards for those who provide information about the tax cheats. What is the news all about? The news is all about the informers getting a reward of 155 of the money recovered from the tax cheats in Canada. This major announcement has been made by Finance Minister of the country, Jim Flaherty while he was announcing the federal budget. What is the aim of the plan? The aim of the plan seems to be quite multifarious in nature: • The Conservative Government is planning got target the tax cheats, the rich section of the society who mostly hide their genuine income and also the corporations. • The Government aims at covering up the downfall of revenue generated through tax collection so that the national budget can be balanced in another couple of years to come. • In another 6 years’ time there is a plan to rise as much as $6.7 billion additional revenue for the country by catching the tax cheaters. • The burden on the one who pay their taxes sincerely would be lowered by catching upon the wrong doers. What are the planned measures? • Those who would be informing about tax evasions of more than $100,000 would be getting a reward of 15% from the Government. • The criteria for “paying fine and imprisonment” would also be changed in due course of time so that stricter terms can be defined for the compilers. • Usage of tax evasion software and even the reporting system would be made stricter on the systems of money transfers at international level, especially beyond a limit of $10,000. What will be the possible impact? • The first and foremost impact is going to be on those who are hardworking, earn less but pay their taxes on time and in the correct value without hiding or manipulating any detail of their income. • A huge amount of extra revenue will be generated. • The prices for oil and gas would be reduced which would be another advantage for the hard working section of the country. What does Finance Minister opine? Jima Flaherty says, “We are introducing new measures to crack down on tax evasion.” He also added that “We are not sure what the result will be, so we’re quite conservative in how we estimate what we can collect.” However, an official from a reputed organisation informs that an informer may have to wait for quite some time to receive the reward because the verification of tax evasion would be a legal process. Summary: Tax evasion has been an issue waiting to be attended for some time now. The government has talent measures after looking into the figures of lowered revenue generation in the recent past. With time only it can be proved if the new measures would help the country to generate more and more revenue so that the weaker section of the society can be given an experience of lower taxes in the days to come. Justin is an experienced content writer provides finance management tips to solve all your financial problems in business. Read more articles related with report tax evasion and property tax deferment program.
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