Canada Advances Global Tax Reform Agenda in 2014 Budget

Finance Minister Flaherty’s Federal budget predicts the current deficit in finances to continue until 2016 when he expects a surplus of 6.4 billion.

Like his counterparts around the world his February 11th budgetary statement focused on job creation, innovation and infrastructure.

As a member of the G8, G20 and the OECD, Flaherty also addressed international tax reform in the areas of tax transparency and the prevention of tax base erosion and profits shifting (BEPS).

It is for this reason that Canada’s 2014 budget merits more than a passing interest by treaty-based offshore financial centres (OFCs).

Tax Transparency

In this regard, Flaherty has called for comments from stakeholders on a series of questions designed to inform a national action plan to combat tax avoidance, including:

  • What are the impacts of international tax planning by multinational enterprises on other participants in the Canadian economy?
  • Which of the international corporate income tax…

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