The following News Release or Speech has just been posted on the Finance Canada Site
Ottawa, May 14, 2007
The Honourable Jim Flaherty, Minister of Finance, today announced further details on the governmentâ€™s Anti-Tax-Haven Initiative set out in Budget 2007. The initiative focuses on improving tax fairness in Canada by preventing the use of tax havens and other means to avoid paying tax. Canadaâ€™s current tax rules allow multinational corporations to avoid paying taxes by getting a double deduction for a single expense relating to a foreign investment.
“When multinational corporations use this tax loophole, Canadian taxpayers are indirectly subsidizing their international operations,” said Minister Flaherty. “Our goal is to improve the fairness of our tax system and further reduce taxes for hard-working Canadians while preserving Canadaâ€™s overall tax advantage for our globally successful companies.”
The Anti-Tax-Haven Initiative will:
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