Tax Simplification Brings Multiple Benefits, Says CGA-Canada's Tax Summit Report
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA and OTTAWA, ONTARIO -- (Marketwire) -- 02/13/13 -- A report released today by the Certified General Accountants Association of Canada (CGA-Canada) entitled , argues that tax simplification would provide countless economic benefits - including lower compliance and administration costs, improved efficiencies, better tax planning opportunities and positive effects on Canada's economic growth.
The report from CGA-Canada's Summit on Tax Simplification, convened in December 2012, highlights some of the challenges facing Canada's tax system and outlines key steps towards simplifying Canada's overly complex tax regime. Approximately 60 stakeholders, public officials and thought leaders participated in the summit.
Summit participants discussed how Canada's tax system acts as a barrier to business, investment, competitiveness and economic growth. By some estimates, compliance costs for personal and corporate income tax combined equals approximately two per cent of Canada's gross domestic product (GDP). Many participants agreed that special tax credits - designed to benefit a certain group, industry or sector - add unnecessary complexities and inefficiencies to the tax system.
"Even though opinions varied on how tax reform should be done, we all agreed that tax simplification would be in the best interest of taxpayers, businesses, governments and the Canadian economy," says Anthony Ariganello, president and CEO of CGA-Canada. "Indeed, tax simplification could provide billions of dollars in savings each year that could be used to help deal with other social and economic challenges, or reinvested to boost sustained economic growth."
Key recommendations include:
For a copy of the report or for more information, visit:
ABOUT CGA-CANADA
Founded in 1908, the Certified General Accountants Association of Canada serves 75,000 Certified General Accountants and students in Canada and nearly 100 countries. Respected accounting and financial management professionals, CGAs work in industry, finance, government and public practice. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally.
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Diana Sorace
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604-694-6700 or Cellular: 604-551-4487
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Datum: 13.02.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 1196525
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