And the scammers have been caught. Good news all around.
This is the best summary I could come up with:
The CRA alleges that starting in 2016 Gold Line acted as a middle party in the world of wholesale telecom, purporting to buy and sell international telephone call minutes.
Between these two cases, the CRA claims to have wrongly dispersed $100 million to carousel schemes, a type of fraud that has been well-known to Canadian tax authorities for many years.
Also known as “missing trader fraud,” carousel schemes rely on complicated supply chains filled with fake companies and invoices to create the appearance that legitimate business transactions are taking place.
“It would take a single paragraph of text in the legislation” to inhibit this kind of fraud, Cheetham said, adding that there are “20 years of milestones in Europe proving it works.”
In January, Gerald Soroka, the Conservative member of Parliament for the Yellowhead riding, west of Edmonton, asked the government in writing for an estimate of how much unwarranted money the CRA has paid out as a result of carousel schemes.
Previous filings made in the case, and not under seal, state that while KPMG provided Gold Line with external “accounting support” and audited its financial statements, it did not prepare the GST returns at issue.
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