It’s the first co-ordinated assault on the trillions of dollars in corporate profits stashed in tax havens. And if it works, it could mean billions in additional tax revenues for the Canadian government.
At a mass-signing ceremony in Paris on Wednesday, Canada joined 67 countries in formally adopting new international rules that aim to prevent the kinds of corporate tax dodging detailed in the Panama Papers.
The deal “delivers solutions for governments to close the gaps in existing international rules that allow corporate profits to ‘disappear’ or be artificially shifted to low or no tax environments,” wrote the Organization for Economic Co-operation and Development (OECD) in a press release announcing the deal.
But experts question whether the deal will effectively prevent corporations from moving their money into tax havens, many of which are not part of the agreement. (more...)
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