Canadian Government Combats International Tax Evasion by Joining Forces With International Tax Jurisdictions
Minister Findlay signs the Multilateral Competent Authority Agreement, helping to set the stage for the automatic exchange of financial information with international partners starting in 2018
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 06/02/15 -- Canada Revenue Agency
Editors Note: There is a photo associated with this press release.
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P, Minister of National Revenue, today signed the international Multilateral Competent Authority Agreement (MCAA), an important step towards implementing the Common Reporting Standard for the automatic exchange of financial account information with other tax jurisdictions.
Economic Action Plan (EAP) 2015 reiterated the Government of Canada's pledge to working with international partners to address international tax evasion and improve tax compliance, including a proposal to adopt the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard starting on July 1, 2017, with the first exchanges of financial account information beginning in 2018. Canada is one of more than 90 jurisdictions that have to date committed to implementing the Common Reporting Standard. As of May 2015, , including Germany, the United Kingdom, and France have signed the MCAA.
By signing the MCAA, Canada will benefit from a coordinated arrangement to exchange financial account information efficiently and securely with other tax jurisdictions. This information will improve the Canada Revenue Agency's (CRA) ability to detect and address cases of tax evasion and to protect the integrity of Canada's tax system.
In recent years, the Government of Canada has introduced over 90 measures to close tax loopholes, clarify tax rules, reduce aggressive international tax avoidance, and improve the integrity of the tax system. In addition, EAP 2015 proposed an investment of $25.3 million over five years for the CRA to improve its offshore tax evasion risk assessment systems and business intelligence and to hire additional auditors.
Quick Facts
Quotes
"By ensuring an increasing majority of people are playing by the rules, our Government is deepening Canada's tax base while simultaneously lowering Canadians' tax burden.
"The Harper Government has taken over 90 actions to strengthen tax compliance. Through more information sharing and better detection and compliance methods, those who want to evade their tax obligations have no place left to hide.
"The implementation of the Common Reporting Standard is yet another powerful tool to catch tax evaders. I am pleased to sign the Multilateral Competent Authority Agreement today and expand Canada's partnerships with like-minded tax jurisdictions."
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P, Minister of National Revenue
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Contacts:
Rebecca Rogers
Director of Communications
Office of the Minister of National Revenue
613-995-2960
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269
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Datum: 03.06.2015 - 00:49 Uhr
Sprache: Deutsch
News-ID 397762
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Town:
OTTAWA, ONTARIO
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Local
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"Canadian Government Combats International Tax Evasion by Joining Forces With International Tax Jurisdictions"
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