Joe Giordano fined $70,000 for tax evasion

Sault businessman Joe Giordano, who operated Hollywood Unisex Centre, Hollywood Beauty Supply and Hollywood Casino Packages, has been fined $70,000 for income tax and GST evasion.

Giordano was also ordered to pay $264,623 in federal and provincial income taxes, GST, civil penalties and interest.

The following is the full text of a news release issued today by the Canada Customs and Revenue Agency:

****************************************************************** Sault Ste. Marie businessman fined $70,000 for tax evasion

Sudbury, December 19, 2002. The Canada Customs and Revenue Agency (CCRA) today reported that Joe Giordano of Sault Ste. Marie was fined $70,000 in the Ontario Court of Justice after pleading guilty to income tax evasion and evading payment of GST.

In addition to the fine, Giordano must pay $264,623 in federal and provincial income taxes, GST, civil penalties, and statutory interest.

The CCRA investigation discovered that Giordano, who operated Hollywood Unisex Centre, Hollywood Beauty Supply and Hollywood Casino Packages, failed to report $200,678 in business income and $18,347 in GST payable during 1995, 1996, and 1997.

People who deliberately evade taxes hurt honest taxpayers who, as a result, end up paying more than their fair share.

Prosecution deters deliberate non-compliance with tax laws and helps make the system more equitable.

Individuals who have not reported all their income can still voluntarily correct their tax affairs.

They will not be penalized or prosecuted if they make a full disclosure before the CCRA starts any action or investigation against them.

These taxpayers will have to pay only the taxes they owe, plus interest.

For more information about the CCRA's voluntary disclosure policy, visit the CCRA web site at: www.ccra.gc.ca.