OTTAWA – Countries around the world are losing over C$560 billion in revenues annually to international corporate tax dodging and private tax evasion
These figures are just the tip of the iceberg as they include only amounts corporations are reporting.
The amount of Canadian corporate assets in the top 12 tax havens soared to a new high of $381 billion in 2019, according to a report released today by Canadians for Tax Fairness.
Canadian mining giant Cameco Corp has won another court victory in a precedent-setting tax case that reflects massive loopholes for large multinational corporations in our tax system.
While the criteria state that corporations that have been found criminally guilty of tax evasion can’t apply, the reality is that there are no large corporations in Canada that have recently been criminally convicted of tax evasion
Today’s announcement of applying conditions to federal funding for large companies is a step in the right direction, but it also raises more questions.
But greater transparency, more details needed to meet this commitment
Pressure is mounting on governments to ensure COVID-19 funding doesn’t go to companies that exploit tax havens or use public funds to pad their profits.
As France, Denmark and Poland announced they will refuse COVID-19 aid for companies using tax havens, the Canadian government must do more to ensure our public funds are not spent on tax-dodging corporations.
As the four-year anniversary of the Panama Papers nears, Canadians have seen little signs that the federal government has cracked down on international tax avoidance and evasion.
