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.
Harry Leslie Smith--veteran, passionate defender and promoter of public services, refugees, anti-poverty activist, the "world's oldest rebel"--died early November 28 morning in a Belleville, Ontario hospital, aged 95.
After months of reducing expectations, Finance Minister Bill Morneau provided corporations with surprisingly large tax breaks in his mini-budget,worth $14.4 billion over the next five years. They were well-targeted for short-term political reasons: to shore up business support for the Liberals less than a year before the next election.
But a bigger question is whether another $14 billion in tax breaks for business will actually work in economic terms and boost business investment in Canada—and to “grow the middle class and those working hard to join it”?
The Auditor General’s Fall 2018 report on compliance activities by the Canada Revenue Agency (CRA) confirms what we’ve heard from Canadians and from CRA professionals as well: Canada’s Revenue Agency is more lenient in many ways with international and large businesses and taxpayers with offshore transactions than they are with individual Canadians.
Like many Canadian companies, Cameco uses subsidiaries and related companies in known tax-haven countries to lower their taxes in Canada. This often-used strategy by large corporations is costing Canadians over $10 billion per year.