Canadians for Tax Fairness is encouraged the federal government is finally committing to limit the stock option deduction, one of Canada’s most regressive tax loopholes, but the budget misses out on other opportunities to tackle tax dodging.
Countries around the world lose at least US$500 billion in annual tax revenues from international corporate tax avoidance and profit shifting, including through tax havens.
But we now finally have an opportunity to make some real progress on international corporate tax reform, with proposals outlined in a new paper just published by the Independent Commission for International Corporate Tax Reform.
Alexandria Ocasio-Cortez, the youngest woman elected to U.S. Congress, got the media and internet buzzing recently when she told TV host Anderson Cooper on CBS’s 60 Minutes that the U.S. should introduce a tax rate of 70% on incomes of over $10 million to help fund a Green New Deal.
The Senate of Canada unanimously approved a bill that will require the Canada Revenue Agency (CRA) to annually publish a list of those convicted of tax evasion, with a separate list of international tax cheats, and to also publish a report every three years on Canada's "tax gap": the revenues lost annually to aggressive tax avoidance and evasion.