TORONTO, March 5, 2013 /CNW/ - The technical tax amendments associated with Bill C-48 will help to improve clarity and certainty, according to the Canadian Institute of Chartered Accountants (CICA).1
Gabe Hayos, vice president, taxation with the CICA, today appeared before the House of Commons Standing Committee on Finance in Ottawa to outline the Institute's position on the Bill and Canada's tax system.
"We greet the Technical Tax Amendments Act 2012 with a sense of relief," explained Hayos.
The last technical bill on income tax received Royal Assent in 2001.
"We would welcome having technical tax legislation tabled for review and adoption by Parliament on a regular basis," said Hayos. "That way we would not face long legislative waits resulting in plenty of uncertainty."
The CICA presentation also touched on the need to address the issue of tax simplification. A two-part approach was recommended. First, the federal government should establish an independent office that would advise on short-range actions aimed at easing legislative and administrative complexity of Canada's tax system.
Second, the government should set up an expert panel to explore major structural changes to the tax system over the long-term.
"We believe these twin initiatives would send a strong signal of the government's commitment to clarity and certainty in our tax system and would be warmly received," added Hayos.
1 CICA and CMA Canada joined together January 1, 2013, to create CPA Canada as the national organization to support unification of the Canadian accounting profession under the CPA banner.
Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 83,000 CAs sustain their influence and leadership position both in Canada and globally. As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy. The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally. The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).
About CPA Canada
CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. The Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) created the organization on January 1, 2013, to support unification of the Canadian accounting profession under the CPA banner. CPAs will serve the public interest across all sectors of the economy with integrity, sound ethical practices, disciplined regulation and proven strategic management and financial expertise. Accounting bodies representing over 80 per cent of Canada's professional accountants are committed to unification or have already merged under the CPA banner.
SOURCE: Canadian Institute of Chartered Accountants
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