Business Fails To Keep Proper Records Of Sales



    Ministry of Revenue Auditors Estimate Unpaid Tax More Than $78,000

    RICHMOND HILL, ON, Sept. 5 /CNW/ - During a Retail Sales Tax (RST) audit,
it was discovered that CIM Computers Inc. of Markham kept incomplete financial
records and did not pay RST collected from customers on all sales
transactions.
    On August 17, 2007, CIM Computers Inc. was convicted of failure to keep
sales records of all purchases and sales between 2002 and 2005. The
corporation's president, Yiu Ming Shing, pleaded guilty to participating in
the offence.
    Shing was fined $20,000 for his role and must pay a surcharge of $5,000
to the Victims' Justice Fund. The corporation was given a suspended sentence.
    In addition to court-imposed fines and surcharges, businesses convicted
of tax offences must repay any taxes owing, plus civil negligence penalties
and interest. CIM Computers Inc. has since paid all of the company's civil tax
liability, which totalled $119,000.

    The Ministry of Revenue operates a voluntary disclosure program.
Corporations and individuals may come forward and voluntarily report past
violations of provincial tax laws and pay any amounts owing. Prosecution and
civil negligence penalties are waived in such cases. To qualify for immunity
from prosecution and penalties, a disclosure must be truly voluntary - it
cannot be prompted by a request for access to a taxpayer's business records or
other ministry enforcement action.

    
    Disponible en français

                 For more information visit www.rev.gov.on.ca
    





For further information:

For further information: Scott Blodgett, Ministry of Revenue, (416)
325-0324

Organization Profile

ONTARIO MINISTRY OF REVENUE

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890