NDP WANTS TO CRACK DOWN ON AGRESSIVE TAX AVOIDANCE
June 18th, 2014 - 11:01am
OTTAWA – NDP National Revenue critic Murray Rankin (Victoria) has tabled legislation in the House of Commons to enable the government and the courts to more effectively identify, pursue and convict tax cheats.
“The NDP is proposing real solutions to bring an end to the billions of dollars lost through tax evasion and avoidance,” said Rankin. “The Conservatives continue to pay mere lip-service to this serious problem. It is time to confront tax evasion head-on and take action to ensure the integrity of our tax system, and that is precisely what this legislation aims to do.”
The bill would help to bring tax anti-avoidance law in Canada up to date with other jurisdictions, by cracking down on the sham transactions used by certain companies to avoid paying taxes. It would allow the courts to deal with transactions that have no economic purpose other than tax avoidance.
“Instead of tackling tax havens and catching tax cheats, the Conservatives have slashed the Canada Revenue Agency's investigative resources and staff and failed to make the legislative changes needed to catch and convict tax cheats,” said Rankin. “The government of Canada has a responsibility to protect Canada’s tax base. It is time to start taking serious action to ensure the integrity of our tax system so that everyone pays their fair share.”
See the full bill here:
C-621 — June 16, 2014 — Mr. Rankin (Victoria) — Second reading and reference to the Standing Committee on Finance of Bill C-621, An Act to amend the Income Tax Act (economic substance).