In a decision expected by tax pundits to set a precedent, the Quebec taxman partially lost a legal battle after the Court of Appeal held that coverage provided by a universal life insurance policy does not constitute income from property even though it is a benefit for the insured taxpayer.
tax authorities
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OECD report recommends giving tax authorities access to suspicious transaction reports
An international think tank is calling for tax administrations to have the fullest possible access to suspicious transaction reports received by financial intelligence units to ensure tax compliance and to tackle serious crimes as tax evasion, bribery, corruption, money laundering and terrorism financing.The Paris-based Organisation for Economic Co-operation and Development (OECD) is calling on jurisdictions to provide the legislative framework to allow tax administrations to suspicious transaction reports (STRs) and to ensure that operational structures and procedures are put in place to facilitate the “maximum effectiveness” in the use of STRs.
