The federal government has taken a firm stance against tax fraud and theft by proposing stringent penalties, including up to ten years of imprisonment and hefty fines.
In a significant move aimed at curbing financial malpractice, the government plans to amend the Sales Tax Act through the upcoming fiscal year’s budget. The amendment will mandate that individuals involved in tax fraud or evasion face penalties equal to 100% of the evaded tax amount or the stolen tax, whichever is greater.
Under the proposed legislation, offenders implicated in tax fraud or theft will be subject to fines amounting to 100% of the defrauded tax. Furthermore, special prosecutors will handle their cases, ensuring rigorous enforcement of the law.
This initiative underscores the government’s commitment to enhancing financial integrity and deterring fraudulent activities within the tax system.
