Coye family owes $3.23M to Income Tax Print E-mail
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Written by Administrator   
Thursday, 13 March 2014 00:00

On March 4, the Court of Appeal quashed a conviction of Money Laundering against the Coye family and in effect acquitted them of the charge. The court subsequently ordered that the 1.557 million dollars which had been found and confiscated at their home on New Year's Eve 2008, be returned to them. That was to be done within 60 days of the ruling.

While it was a victory for the Coye family who has been back and forth between the courts, the Income Tax Department is now claiming 3.23 million dollars in taxes from the greater Coye estate which is worth 6.5 million dollars and has been frozen by the financial Intelligence Unit since it came under suspicion of having been acquired through money laundering. The family's expectation now is that, having been cleared of charges, that the money would be unfrozen for them to use as they see fit. However the Income Tax Department is claiming 50 percent of those moneys.

Through 3 income tax assessments the Income Tax department is claiming $1,631,861.92 and 1,143,832.74 from Money Exchange International, and $436,926.95 from the Estate of Michael Coye. These claims came into effect on March 5, one day after the acquittal. The Income Tax Department says the claim is being done under Income Tax Act since they have been aware of the Coye's estate after their arrest. Under Section 111(3) of the Income Tax Act, any receipts which are not disclosed to the department are taxable at a rate of 50%.

The Coye's according to the Income Tax Department, have the option of prooving that they have paid their taxes on the moneys. Until that time the department will make good on its collections.