Statement by the Minister of National Revenue on Canada’s successful first exchange of the Country-by-Country reporting initiative
Statement
July 10, 2018 Ottawa Canada Revenue Agency
The Honourable Diane Lebouthillier, Minister of National Revenue, today issued the following statement on Canada’s successful first round of exchanges of Country-by-Country reports:
“I am pleased to announce today that Canada has successfully initiated its first round of exchanges of Country-by-Country reports.
With this important step, Canada joins our international partners, as one of 69 nations, in the first exchange of information on the revenue, profit, tax and accumulated earnings information of large multinational enterprises. Our participation in this global initiative will allow the Canada Revenue Agency to better understand these companies’ worldwide operations, and help ensure compliance with Canada’s tax laws.
Thanks to Country-by-Country reporting, Canada now has automatic access to more information and data that will allow the Canada Revenue Agency to better risk assess large multinational enterprises, those with an annual consolidated revenue of over 750 million euros, and to better target its efforts and resources.
Canada is committed to combatting tax evasion and aggressive tax avoidance, and to addressing Base Erosion and Profit Shifting that uses offshore structures and other types of aggressive tax avoidance. This is why we are playing a leadership role internationally, and have made historic investments in Budget 2016, 2017, and 2018 to prioritize obtaining better data and improving our use of it to target our actions.
Ensuring that Canada’s tax system is fair to all Canadians is my top priority. To that end, the Canada Revenue Agency continues to build strong relationships with its international partners to enhance information sharing tools, such as the Country-by-Country reporting initiative and the recent creation of the Joint Chiefs of Global Tax Enforcement (J5). Aggressive tax avoidance is a global problem, which requires a collaborative global response, and that is exactly what we are working towards.”
Contacts
Jérémy Ghio
Press Secretary
Office of the Minister of National Revenue
613-995-2960
Media Relations
Canada Revenue Agency
613-948-8366
Related links:
- Country-by-Country Reporting
- Government of Canada signs international agreement on enhanced tax reporting by large multinationals
- Tax enforcement authorities unite to combat international tax crime and money laundering
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