Mon-Fri from 08:00 till 19:00 Kyiv
Telegram Channel
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Only letter and space (from 2 till 30 characters)
Enter correct number, ex. +380777777777

Tag: #Canada

Canada has signed an agreement on international reporting

Published: Sergey Panov | 17.05.2016 | news
International reporting. Canada

Canada has signed a multilateral agreement on reporting between countries. The first exchange of information is expected to be held in June 2018. Budget Canada 2016 includes a proposal to require companies with annual revenues of the consolidated group of USD 750 million or more, to submit annual reports on their income and taxes paid and accrued on the number of employees, capital, retained earnings and tangible assets for each tax jurisdiction in which they do business. Canada has the opportunity to share the information contained in the reports with tax treaty partners which also comply with the necessary standards of accountability. According to the Agency Revenue Canada, this information will allow countries to improve their ability to check and detect aggressive international scheme of tax evasion, as well as contribute to making global operations affected companies more transparent and that they pay the relevant taxes in the country which is generated by their profit. Currently 32 jurisdictions have signed the agreement on the international exchange of information. Canada noted that the signing of the agreement is part of a four-point action plan to address tax...

Canada-EU, trade agreement

Published: Sergey Panov | 22.04.2016 | news
Canada-EU, trade agreement

Minister of International Trade of Canada, Chrystia Freeland held talks on the comprehensive economic and trade agreement (CETA) between Canada and the European Union in Brussels last week. In February, Canada and the EU announced the conclusion of the legal expertise of the English version of the text of the agreement. They confirmed that the CETA signed in 2016 and entered into force in early 2017. On April 20, Chrystia Freeland met with EU Trade Commissioner Cecilia Malmström. Also, discussions were held with the Government of Belgium and the European Commission, European Parliament members, as well as representatives of the EU business community. Freeland, said: " when agreement entries into force it will deepen our trade and investment ties with EU and will also offer significant opportunities for citizens and for both sides of the Canada-EU. The agreement should come into effect as soon as possible it allows Canadians and Europeans to take full advantage of its benefits. " It is assumed that an agreement could encourage bilateral trade by more than 20 percent. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

Canada adopted the latest tax transparency standard

Published: Sergey Panov | 20.04.2016 | news
Tax transparency of Canada

The Government of Canada released draft legislative proposals to implement common standards of tax reporting, which will enter into force on 1 July 2017. As of this date, Canadian financial institutions are required to have procedures to identify accounts belonging to non-residents. Then they must report certain information to the Agency of Canada revenue. Canada is one of more than 90 jurisdictions that are committed to the implementation of accounting standards. Agreement on the exchange of statements from other jurisdictions will strive to ensure that each jurisdiction has adequate capacity and guarantee for the exchange of information. Department of Finance said that the information received from the tax returns of the partners jurisdictions, will help Canada to better fight against tax evasion and ensure tax compliance and protect the integrity of the tax system. Consultations will be closed July 15, 2016. These consultations will announce new measures to combat tax evasion. The government also stated that it will establish an advisory offshore committee which will develop a strategy to help alleviate and prevent offshore non-compliance with tax reporting and will...

The corporate tax rate for small businesses in Canada

Published: Sergey Panov | 15.04.2016 | news
small businesses in Canada

Canada's Liberal government froze the tax rate for small businesses, despite a campaign promise to reduce it over the next three years. The Minister of Finance pointed out that the corporate tax rate for companies earning less than $ 500,000 a year will remain at the level of 10.5 percent. This is lower than the 15 per cent rate of the total corporate tax but will be abolished reducing to 9 percent. "This is a great breach of promise," said Dan Kelly, president of the Canadian Federation of Independent Business. Around 3.5 million companies are classified as small enterprises including 2.4 million private entrepreneurs. As a result of the freezing rate small businesses will pay about $ 900 million more in taxes in 2019, compared with what was planned. The government also expects to collect more than $ 11 billion over the next five years through a variety of measures aimed at tightening the corporate tax system, including hard inspections of companies and closing loopholes that use transnational corporations to shield income from taxation. Government restores federal tax credit of up to $ 5,000 for individual investors in 2016. Author: Olena Kutova senior...

Canadian Budget focuses on tax compliance

Published: Sergey Panov | 24.03.2016 | news

The budget was provided by the Minister of Finance Bill Morneau on March 22, 2016. The government has invested about 339.6 million dollars to the Canadian Revenue Agency. The measures included in the budget: The Government will undertake a review of the tax system in the next year in order to eliminate inefficient tax measures. To postpone any further reduction in the tax rate on business income. Introduce an exemption from income tax in respect of capital gains on certain private equity or real estate corporations, where receipts are donated by a registered charity within 30 days. Canada Revenue Agency will lead the fight against tax evasion. The money will be used to hire additional auditors and experts to develop robust business intelligence infrastructure. It will also be invested in improving the ability to collect outstanding tax debts. The Government will implement a number of recommendations made by the Organization for Economic Cooperation and Development. New legislation to strengthen the transfer pricing documentation, demanding accountability from large multinational corporations will be presented. Author: Sergey Panovmanaging partner Finance Business...