Trudeau weighs in on Panama leak, welcomes transparency on offshore tax havens

News Apr 06, 2016 by Allan Woods OurWindsor.Ca

MONTREAL — Prime Minister Justin Trudeau said he welcomes level of public awareness and transparency that has resulted from the publication of the Panama Papers.

Speaking to reporters Wednesday in Montreal, Trudeau said that the leaked documents, which provide unprecedented detail into international efforts by the world’s powerful and wealthy to avoid paying taxes, underscore the need to act, and to act in concert with other countries to crack down on tax dodgers.

“I think the level of awareness that citizens of the world are beginning to take in regards to tax avoidance and evasion is a good thing but it’s certainly one that we will be working on together as a community of nations,” he said.

The Toronto Star and CBC/ Radio-Canada are among media outlets around the world who have received copies of the leaked documents.

It is estimated that the Canadian government loses between $6billion and $7.8 billion annually in uncollected tax revenue as a result of those who park their income in offshore banks.

Last month’s federal budget committed $444 million to fighting tax evasion. Since the publication of the Panama Papers, the Canada Revenue Agency has been ordered to try and obtain copies of the documents or supporting information that could be used to recover tax revenues.

“We knew that tax avoidance has been a long challenge,” Trudeau said. “This is certainly and extra public motivation and perhaps some extra tools and information that we can follow up on, but our government has long known, and indeed we got elected, on a promise to make sure that people were paying their fair share of taxes.”

Trudeau said that it is vital to obtain a global consensus on any changes to tax laws in Canada before moving ahead.

Otherwise, rich investors will simply “hop” around to favourable jurisdictions where they can avoid paying tax, Trudeau said.

Trudeau was asked about the matter in Montreal, where the annual general meeting of the Royal Bank of Canada — the only Canadian banked linked to the data leak — was also taking place Wednesday.

RBC CEO Dave McKay said he couldn’t comment on the specific information leaked. But he said the bank is reviewing its files in an effort to verify to determine whether any wrongdoing took place.

“This information ... goes back 40 years,” McKay told shareholders. “So you can imagine how difficult it is to go back in your file 40 years.”

He defended the bank’s processes to detect and prevent tax evasion, adding that it operates within the legal and regulatory framework of every country in which it operates.

— With files from Canadian Press

Toronto Star

Trudeau weighs in on Panama leak, welcomes transparency on offshore tax havens

Prime Minister Trudeau says that the Panama Papers underscore the need to act, and to act in concert with other countries to crack down on tax dodgers

News Apr 06, 2016 by Allan Woods OurWindsor.Ca

MONTREAL — Prime Minister Justin Trudeau said he welcomes level of public awareness and transparency that has resulted from the publication of the Panama Papers.

Speaking to reporters Wednesday in Montreal, Trudeau said that the leaked documents, which provide unprecedented detail into international efforts by the world’s powerful and wealthy to avoid paying taxes, underscore the need to act, and to act in concert with other countries to crack down on tax dodgers.

“I think the level of awareness that citizens of the world are beginning to take in regards to tax avoidance and evasion is a good thing but it’s certainly one that we will be working on together as a community of nations,” he said.

The Toronto Star and CBC/ Radio-Canada are among media outlets around the world who have received copies of the leaked documents.

Related Content

It is estimated that the Canadian government loses between $6billion and $7.8 billion annually in uncollected tax revenue as a result of those who park their income in offshore banks.

Last month’s federal budget committed $444 million to fighting tax evasion. Since the publication of the Panama Papers, the Canada Revenue Agency has been ordered to try and obtain copies of the documents or supporting information that could be used to recover tax revenues.

“We knew that tax avoidance has been a long challenge,” Trudeau said. “This is certainly and extra public motivation and perhaps some extra tools and information that we can follow up on, but our government has long known, and indeed we got elected, on a promise to make sure that people were paying their fair share of taxes.”

Trudeau said that it is vital to obtain a global consensus on any changes to tax laws in Canada before moving ahead.

Otherwise, rich investors will simply “hop” around to favourable jurisdictions where they can avoid paying tax, Trudeau said.

Trudeau was asked about the matter in Montreal, where the annual general meeting of the Royal Bank of Canada — the only Canadian banked linked to the data leak — was also taking place Wednesday.

RBC CEO Dave McKay said he couldn’t comment on the specific information leaked. But he said the bank is reviewing its files in an effort to verify to determine whether any wrongdoing took place.

“This information ... goes back 40 years,” McKay told shareholders. “So you can imagine how difficult it is to go back in your file 40 years.”

He defended the bank’s processes to detect and prevent tax evasion, adding that it operates within the legal and regulatory framework of every country in which it operates.

— With files from Canadian Press

Toronto Star

Trudeau weighs in on Panama leak, welcomes transparency on offshore tax havens

Prime Minister Trudeau says that the Panama Papers underscore the need to act, and to act in concert with other countries to crack down on tax dodgers

News Apr 06, 2016 by Allan Woods OurWindsor.Ca

MONTREAL — Prime Minister Justin Trudeau said he welcomes level of public awareness and transparency that has resulted from the publication of the Panama Papers.

Speaking to reporters Wednesday in Montreal, Trudeau said that the leaked documents, which provide unprecedented detail into international efforts by the world’s powerful and wealthy to avoid paying taxes, underscore the need to act, and to act in concert with other countries to crack down on tax dodgers.

“I think the level of awareness that citizens of the world are beginning to take in regards to tax avoidance and evasion is a good thing but it’s certainly one that we will be working on together as a community of nations,” he said.

The Toronto Star and CBC/ Radio-Canada are among media outlets around the world who have received copies of the leaked documents.

Related Content

It is estimated that the Canadian government loses between $6billion and $7.8 billion annually in uncollected tax revenue as a result of those who park their income in offshore banks.

Last month’s federal budget committed $444 million to fighting tax evasion. Since the publication of the Panama Papers, the Canada Revenue Agency has been ordered to try and obtain copies of the documents or supporting information that could be used to recover tax revenues.

“We knew that tax avoidance has been a long challenge,” Trudeau said. “This is certainly and extra public motivation and perhaps some extra tools and information that we can follow up on, but our government has long known, and indeed we got elected, on a promise to make sure that people were paying their fair share of taxes.”

Trudeau said that it is vital to obtain a global consensus on any changes to tax laws in Canada before moving ahead.

Otherwise, rich investors will simply “hop” around to favourable jurisdictions where they can avoid paying tax, Trudeau said.

Trudeau was asked about the matter in Montreal, where the annual general meeting of the Royal Bank of Canada — the only Canadian banked linked to the data leak — was also taking place Wednesday.

RBC CEO Dave McKay said he couldn’t comment on the specific information leaked. But he said the bank is reviewing its files in an effort to verify to determine whether any wrongdoing took place.

“This information ... goes back 40 years,” McKay told shareholders. “So you can imagine how difficult it is to go back in your file 40 years.”

He defended the bank’s processes to detect and prevent tax evasion, adding that it operates within the legal and regulatory framework of every country in which it operates.

— With files from Canadian Press

Toronto Star