The Fifth Estate, (Canadian Broadcasting program), tonight is about the KPMG tax shelter fraud.
Fifth Estate: KPMG and Tax Havens for the Rich : The Untouchables
So how many gazillion of these tax evasion schemes are we up to now?
The KPMG tax shelter fraud scandal involves allegedly illegal U.S. tax shelters by KPMG that were exposed beginning in 2003. In early 2005, the United States member firm of KPMG International, KPMG LLP, was accused by the United States Department of Justice of fraud in marketing abusive tax shelters.
A story of money, secrecy and greed: a tax dodge for the wealthy dreamed up by one of the biggest accounting giants in the world
KPMG Canada devised what it called an Offshore Company Structure for a select group of rich clients: they would claim to give away millions of dollars to a shell company supposedly out of their control and therefore wouldnt have to pay taxes on it.
In the U.S., top KPMG officials were convicted of tax evasion schemes concocted there. But in Canada, a different scheme led to a secret amnesty deal with the Canada Revenue Agency.
A federal government inquiry vowing to get to the bottom of it went nowhere
What was the accounting firm trying to hide?
With revelations from industry insiders, internal KPMG documents and corporate records from the Isle of Man offshore tax haven, we expose the details of the scheme and unveil the names of some of the wealthy clients.
via International Skeptics Forum http://ift.tt/2wcVBye