Canada targets Isle of Man

Tax dodgers hunted by country's revenue agency

Canadian tax authorities are setting their sights firmly on the Isle of Man – with a massive crackdown on tax avoidance.

Yesterday, Minister of National Revenue Diane Lebouthillier announced the Island is one of four jurisdictions which will be targeted by investigators.

The tax agency will spend £312 million and hire 100 more auditors to find wealthy Canadians and companies that avoid taxes in offshores.

It’ll mean even more scrutiny in the wake of a scandal about a Manx-based tax scheme used by wealthy Canadians.

The Canada Revenue Agency says it’s targeting the Isle of Man because 860 million Canadian dollars were transferred here in the last year.

And earlier this year, CBC News reported on an amnesty for multi-millionaires who’d used an Isle of Man tax scheme run by KPMG in Canada.

The other countries under special investigation are being kept under wraps to avoid tipping taxpayers off.

Mrs Lebouthillier said fighting tax evasion will mean relying on the cooperation and coordination with others, and added she hoped to recoup around £1.5 billion.