Canada is losing billions of dollars in tax revenue to off-shore tax havens.
As a part of our fight to close tax loopholes, PIPSC participates in the Organisation for Economic Co-operation and Development (OECD) Base Erosion Profit Shifting (BEPS) initiative. Over 135 countries are collaborating to put an end to tax avoidance strategies that exploit gaps and mismatches in tax rules to avoid paying tax.
In March 2020, we provided a submission on the OECD Review of the BEPS Action 13 minimum standard based on the responses of thousands of CRA professionals to our 2018 Tax Fairness Survey.
Though the BEPS represents a significant step forward, it does not go far enough and there are steps that should be taken more quickly. The OECD’s country by country reporting (CbCR) standards should move towards the Global Reporting Initiative Tax Standard to address data quality shortcomings. And CbCR reports should be made available to the public. We also believe the current threshold for CbCR is too high.
PIPSC Economist, Ryan Campbell, will represent members at the OECD virtual consultation on BEPS Action 13 on May 12-13, 2020.
We must close tax loopholes and collect revenue to fund the services Canadians rely on. We won’t sit by and watch rich corporations and individuals avoid contributing their fair share.
We are fighting for tax fairness.