OTTAWA, Dec. 13, 2012 /CNW/ - The Certified General Accountants Association of Canada (CGA-Canada) applauds the recommendations made by the Commons finance committee in its 2012 Pre-Budget Consultations Report. Through nationwide consultations with the public, the committee has delivered a comprehensive set of recommendations that aim to reflect Canadians' priorities for the 2013 federal budget.
Among the many recommendations made in the report, CGA-Canada is particularly pleased with the attention given to tax simplification, which has long been a key priority for the national association and its members.
In specific, the Commons committee echoes CGA-Canada's call for the federal government to explore ways to simplify the Income Tax Act (ITA) in order to reduce complexities and inefficiencies. Moreover, the committee recommends that a royal commission be established to undertake a comprehensive review of the ITA. This builds on last year's recommendation made by this committee for the creation of an expert panel to modernize and simplify the tax system.
"The report released yesterday demonstrates that the government is listening and recognizes the importance of tax simplification," says Anthony Ariganello, president & CEO of CGA-Canada. "These recommendations support the growing call for tax reform in Canada. Just last week, influential thought leaders met in Ottawa at CGA-Canada's Summit on Tax Simplification and agreed that action on tax simplification is necessary and that the federal government must move swiftly to make needed improvements to Canada's tax system."
The committee's recommendations also touch on several other key areas of interest to CGA-Canada, including financial literacy, red tape reduction, securities regulation and internal trade.
For more on CGA-Canada's position on tax simplification, click here.
Founded in 1908, the Certified General Accountants Association of Canada serves 75,000 Certified General Accountants and students in Canada and nearly 100 countries. Respected accounting and financial management professionals, CGAs work in industry, finance, government and public practice. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally.
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