Saturday, May 27, 2017

Finance Minister Bill Morneau vows to close ‘unfair’ tax loopholes

Canada’s finance minister denounced “unfair” tax loopholes on Thursday and put Bay Street on notice that the Liberal government is committed to addressing “blind spots” and exposing shadowy corporate finances to public scrutiny.

“We don’t want to wait for the next Panama Papers to tell us whether or not someone may be trying to hide their income from taxation,” said Bill Morneau, referring to the massive leak of offshore tax haven documents the Toronto Star and the CBC/Radio-Canada revealed last year.

“We’re laying down the gauntlet.”

The federal government will release a discussion paper laying out policy positions in the coming weeks and invited Canada’s business elite to weigh in on how to crack down on tax evasion.

The goal, he said, is not new revenue — it is fairness.

“People have to have confidence in our system. They have confidence that it’s fair for them and their family . . . because at the end of the day, we know that’s a foundation for a healthy and growing economy, and that’s really what we’re after.”  (more...)


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