A Canadian loan company has been fined C$1.5 million over a tax evasion scheme that allegedly used a Bahamas-based entity.
A release from the Canada Revenue Agency revealed that Societe Financiere Speedo, a Canadian company specialising in loans to the tax industry, was convicted of tax evasion in a scheme involving fund transfers and a series of loans between it and Commodore Corporation, a Bahamian entity.
The scheme enabled Societe Financiere Speedo to evade income tax on C$5.027 million in interest income paid or credited to Commodore during the tax years 1996-2001. The conviction was handed down by the Canadian courts.
Source: The Tribune
