The #PandoraPapers make it clear that tax evasion is a systemic issue, which means govts need to act. Here are 5 things we should demand from the Canadian govt. THREAD 🧵
👉 Increase funding for the CRA to investigate international tax schemes.
Since the #PanamaPapers were revealed 5 yrs ago, the CRA hasn't charged a single person. It needs more resources & we need to ensure that @JustinTrudeau increases funding by $2.5bn over 4 yrs as promised.
Since the #PanamaPapers were revealed 5 yrs ago, the CRA hasn't charged a single person. It needs more resources & we need to ensure that @JustinTrudeau increases funding by $2.5bn over 4 yrs as promised.
👉 Introduce a public registry of beneficial ownership, promised in the last budget.
👉 Implement a global minimum corporate tax rate of at least 21%.
A high min corporate income tax would greatly reduce the incentive to use tax havens. If a company uses a tax scheme to reduce its taxes below the min, then Canada would impose a tax that ensures a min payment.
A high min corporate income tax would greatly reduce the incentive to use tax havens. If a company uses a tax scheme to reduce its taxes below the min, then Canada would impose a tax that ensures a min payment.
👉 End double non-taxation agreements with known tax haven jurisdictions.
This is supposedly to prevent ‘double taxation’, but it actually super-charges intl tax avoidance schemes, increasing the likelihood that corporate income will be taxed neither abroad nor at home.
This is supposedly to prevent ‘double taxation’, but it actually super-charges intl tax avoidance schemes, increasing the likelihood that corporate income will be taxed neither abroad nor at home.
👉 Impose a minimum tax on overseas assets held by Canadians.
This would ensure that Canadians exploiting tax havens cannot avoid paying a reasonable amount of tax on the assets and income being sheltered.
#TaxTheRich #cdnpoli #PandoraPapers
This would ensure that Canadians exploiting tax havens cannot avoid paying a reasonable amount of tax on the assets and income being sheltered.
#TaxTheRich #cdnpoli #PandoraPapers
Source: taxfairness.ca/en/news/what-a…
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