Ottawa, March 6, 2013
Archived - Harper Government Takes Important Step to Modernize the Tax System
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The Honourable Jim Flaherty, Minister of Finance, today announced the introduction of the Tax Conventions Implementation Act, 2013.
This bill proposes to implement agreements concluded between Canada and Namibia, Serbia, Poland, Hong Kong, Luxembourg and Switzerland for the avoidance of double taxation (where the same income is taxed by two countries) and the prevention of fiscal evasion with respect to taxes.
“This legislation represents another significant step in our Government's goal of creating a fairer and more modern tax structure, which encourages cross-border trade and investment and helps fight international tax evasion,” said Minister Flaherty. “By keeping our tax system up-to-date and competitive, Canada will remain a leading player in the global economy.”
The agreements include provisions for the exchange of tax information in accordance with the standard developed by the Organisation for Economic Co-operation and Development, in order to enable Canadian tax authorities to obtain information relevant to the enforcement and administration of Canadian taxation laws.
Today’s legislation is part of Canada’s ongoing effort to update and modernize its network of income tax treaties, which help prevent double taxation and tax evasion. Canada has comprehensive tax treaties in place with 90 countries—one of the largest networks of bilateral tax treaties in the world.
More details on Canada’s tax treaties can be found on the Department of Finance website.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance