Canada steps up audits of overseas tax havens

Canada's new National Revenue Minister Diane Lebouthillier is sworn-in during a ceremony at Rideau Hall in Ottawa on November 4, 2015Canada said Monday it is hiring 100 new auditors to investigate large money transfers to overseas tax havens in hopes of recouping Can$2.6 billion (US$2 billion) in unpaid taxes. National Revenue Minister Diane Lebouthillier told a press conference that the Canada Revenue Agency would begin by targeting 350 Canadians and 400 companies with holdings in the Isle of Man, and expand their work to three other overseas jurisdictions in May. The agency noted that Can$860 million (US$666 million) had been transferred from Canada to the British crown dependency in a single year.

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