Mandatory Tax Disclosure - Update on Federal and Quebec Reporting Regimes
Mondaq Business Briefing › Canada Law Articles in English (2010)
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Mandatory Tax Disclosure - Update on Federal and Quebec Reporting Regimes
Copyright 2010, Blake, Cassels & Graydon LLP
Originally published in Blakes Bulletin on Tax, June 2010 Both the Canadian federal and Quebec provincial governments have released further material on the new mandatory reporting regimes applicable to certain "aggressive" tax transactions. On May 7, 2010, the federal government released proposals for consultation. Quebec is further along in the process and tabled draft legislation on May 11, 2010. These developments are part of a larger worldwide trend that has seen moves toward increased mandatory tax disclosure in the United Kingdom and, more recently, the United States. Although there is some similarity, the Canadian and Quebec concepts of aggressive tax planning (ATP) are not identical and the reporting regimes generally have considerable differences. Under both regimes, the mandatory disclosure requirements will only apply if t...See the full content of this document
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