TORONTO, April 11, 2016 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) supports the federal government's crackdown directed against tax evasion and tax avoidance.
"The actions unveiled today outline how the Canada Revenue Agency (CRA) will strengthen tax compliance, ensure fairness and better protect the country's tax base," says Gabe Hayos, vice-president, tax, CPA Canada. "Tax evasion is an illegal act that is harmful to economies, deprives governments of much needed revenue for vital programs, and unfair to those who comply with the law."
CPA Canada welcomes the announcement which confirmed the Budget 2016 plan to invest over $444 million to enhance the CRA's ability to detect, audit, and prosecute tax evasion – both at home and abroad. The government also announced a number of concrete steps to address tax evasion including:
- Bolstering international collaboration to fight tax evasion;
- Creating an independent advisory committee on offshore tax evasion and aggressive tax planning.
CPA Canada has long been on the record as opposing tax evasion and supportive of measures to protect the Canadian tax base.
The government's announcement comes at a time when the issue of tax evasion is drawing significant global attention in part because of the "Panama Papers" data release.
"This is a global issue," says Hayos. "Collaboration is needed among governments and tax experts, especially at the international level where multiple jurisdictions are involved."
CPA Canada is already working with other leading accounting bodies globally, exploring the best ways to fight tax evasion and ensure fairness. In addition, CPA Canada provided submissions to The Organisation for Economic Co-operation and Development (OECD) in connection with its Base Erosion and Profit Shifting initiative.
"We would welcome continuing to work with the federal government to help advance its ambitious agenda to combat tax evasion and avoidance," adds Hayos.
About CPA Canada
The new Canadian designation, Chartered Professional Accountant (CPA), is now used by Canada's accounting profession across the country. The profession's national body, Chartered Professional Accountants of Canada (CPA Canada), is one of the largest in the world with more than 200,000 members, both at home and abroad. The Canadian CPA was created with the unification of three legacy accounting designations (CA, CGA and CMA). CPAs are valued for their financial and tax expertise, strategic thinking, business insight, management skills and leadership. CPA Canada conducts research into current and emerging business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. CPA Canada also issues guidance and thought leadership on a variety of technical matters, publishes professional literature and develops education and professional certification programs. cpacanada.ca
SOURCE CPA Canada
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