From The Desk Of Mel Hurtig

ANYONE WONDER WHY THIS TYPE OF PRACTICE STILL CONTINUES HERE? WHERE ARE OUR FEDERAL MPS ON THIS ONE?

Have any of you been following the details of the UBS bank tax cheating in both Canada and the United States? I hope so.
Many of you will know that I have been researching and writing about tax fraud, tax havens and transfer pricing for many years. Note, please, the chapters on personal income tax and corporate income tax in my last book _The Truth About Canada.
Now we learn that the giant Swiss bank UBS has agreed to pay the United States $780 million in fines for a secret tax evasion scheme that mirrors a similar campaign that the bank operates in Canada. Wealthy Canadian and American bank clients are encourage to hide their fortunes from tax collectors. 
Several years ago I estimated that this type of tax fraud costs at least
$15 billion a year. And, of course it’s YOU that has to make up the lost tax revenue.
I now realize that the $15 billion estimate was far too low. In the U.S. court documents indicate 17,000 Americans were cheating on their taxes via UBS. Bear in mind this is only one Swiss Bank operation. The same bank operates a “Canada Desk” and regularly sends their agents to Vancouver, Toronto and Montreal to help arrange tax fraud in Canada. Billions of dollars every year are involved.
While officials from the Canada Revenue Agency refuse to comment, in the United States the names of UBS clients will be made available and the bank faces even larger fines in the future.
Now, hear this. Michael Wilson, Canada’s Ambassador to the United States and Brian Mulroney’s former Minister of Finance, has worked for UBS, and has turned down “repeated” requests for interviews on this subject because “it wouldn’t be appropriate for him to comment.” Meanwhile, a UBS banker has been arrested in the U.S. and will be sentenced this spring.
Only Greg McArthur of the _Globe_ has raised the subject of Mr. 
Wilson, while the rest of Canada’s media has ignored it. And why the _Globe_ hasn’t come out with a strong editorial about all of this is quite beyond me. And where are our members in the House of Commons???? 
Why aren’t they going after Revenue Minister Blackburn???
More to come. Keep all of this in mind when you go to pay your income tax in April.
Mel Hurtig

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2 Comments

  1. Anonymous
    Posted February 27, 2009 at 5:01 pm | Permalink

    “WHERE ARE OUR FEDERAL MPS ON THIS ONE?”

    Probably busy moving their money to another banking institution. 🙂


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