Canada passes bill to fight international tax avoidance
The constant efforts of the Canadian government to deal with international tax avoidance are finally showing results, as the latest tax bill passed by them has received royal approval, and are on its way to becoming sanctioned as a law measure. This legal measure shall allow Canada to alter any both-way tax contract with any other nation while complying with the legal policies in accordance to Organisation for Economic Co-operation and Development, and yet have the authority to deny full renegotiation. We being one of the best expats tax consultants in Toronto, would, therefore, present you with the economic masterstroke of Canada, at a glance:
Canadian Government boosts up its law enforcement with unique strategies
Not only paving the path to turning the latest Canadian tax bill into a legal regulation, but the Canadian government is also making sure to assigning greater power to its law enforcement sector, to deal with money laundering more strictly and eliminate any venture that could be linked with terrorist funding.
According to corporate tax consultants in Toronto, the strategy of the Canadian government includes the following:
- Formation of a team that shall be taking care of money laundering and a legal enforcement team that shall include skilled professionals, handpicked from the intelligence agencies, and legal bureaus. This shall give the government a tremendous advantage in economic threats.
- Creation of a centre that shall be inspecting trade fraud incidents, as well as cases related to trade-related money laundering. This shall amplify the strength of the Canada Border Services, as well as other similar departments, to handle the threat of money scam, and money manhandling more efficiently.
- The Canadian Government would also ensure that the jurisdiction and operational areas of Financial Transactions and Reports Analysis Centre of Canada (Fintrac), and other institutional bodies and strengthened.
At The Accounting and Tax, an expert in personal tax consultancy service in Toronto, we shall make sure to make our clients aware about all the legal modifications, to make them certain that they should comply by all of them, and ensure they enjoy their tax benefits.
The decision of fighting International tax avoidance has also been praised by the majority to cope up with the gradually growing tax gap in Canada. The minister of national revenue has openly voiced his support for the aforementioned legal measure, stating that this would put an end to tax evasion and money laundering. The steps taken by the Canadian government shall undoubtedly lead to a sustained economic balance, ensuring a fair tax policy for all Canadians.
From a piece of simple consulting advice on tax regulations to legal help and assistance by our experts, we wish to put all our resources for the welfare and convenience of our Canadian clients, to make sure they face no judicial complexities while filling out taxes.
