Ottawa (13 Feb. 2013) - Citizen-based Canadians for Tax Fairness (C4TF) will be joined by a top British tax accountant to testify before the House of Common's Finance Committee as it studies the billion-dollar impact of tax havens on the Canadian economy.
C4TF’s Dennis Howlett and Richard Murphy of Tax Research UK are scheduled to appear before the committee as members of the Global Tax Justice Network. Murphy’s appearance is by teleconference. They will be articulating the huge problem avoiding taxes through the use of tax havens creates for the country, governments and citizens. The Canadian Bankers Association is also scheduled to speak at this session.
In 2011, $160 Billion, or a quarter of all Canada's direct investment abroad, was sitting recognized tax havens, much of it not taxed. The finance and insurance sector now accounts for over 51 per cent of Canada’s total direct investment overseas and they play a key role in helping very rich individuals and multi-national corporations to avoid paying theirfair share of taxes.
This is not just a Canadian problem, it's a global problem. But the global campaign has gained momentum with leaders in other countries starting to take a stand against the practice of avoiding taxes. British Prime Minister Cameron has indicated that this issue will be a main item on the agenda when the G8 meets in Northern Ireland in May.
Like other countries, if the government of Canada recovered the lost revenue, the money would go a long way in providing essential funding for job creation, improving social programs, paying down the debt and ultimately, ensuring greater tax fairness is achieved.
There is potential for real change that can make Canada a better, fairer country. Send your message to the Finance Committee to tell them to start tackling this important issue.
The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE