TEI Comments on Proposed Penalty for Canadian GAAR
On May 31, 2023, TEI filed comments with the Canadian Department of Finance regarding a proposal to impose a penalty on taxpayers who violate Canada's general anti-avoidance rule ("GAAR"). TEI commented that a distinct penalty for violations of the GAAR was not necessary given the current structure of the Canadian income tax code. Should the Canadian government implement such a penalty, TEI recommended that the penalty only be imposed in cases where the taxpayer acted with "gross negligence" or a similar level of fault, among other things.
TEI Comments on Proposed Changes to Canada’s Income Tax Mandatory Disclosure Rules
On December 10, 2021, TEI submitted comments to the Department of Finance concerning the proposed changes to Canada’s income tax mandatory disclosure rules described in Budget 2021. TEI’s comments focus primarily on the government’s proposals to amend the Income Tax Act’s reportable transaction rules and introduce a new requirement for specified corporations to proactively report uncertain tax positions to the Canada Revenue Agency.
TEI Comments on the Build Back Better Act’s Corporate and International Tax Reform Proposals
On December 9, 2021, TEI issued a compilation of substantive comments and recommendations concerning select corporate and international tax reform provisions in H.R. 5376, the Build Back Better Act, as passed by the House of Representatives on November 19, 2021. This submission represents the culmination of several months’ worth of consultation with members of TEI's Tax Reform Task Force and other standing committees, who contributed an array of perspectives and concerns from across the industry spectrum.
TEI Comments on Canadian Government’s Proposed Digital Services Tax
TEI Issues Guideposts for Tax Policy in the 117th Congress
On May 11, 2021, TEI officially weighed into the brewing tax reform debate in Washington, D.C., through the issuance of its new Guideposts for Tax Policy. The guideposts are intended to highlight a series of high-priority, broadly applicable principles of sound tax policy to inform the current deliberations in the 117th Congress and Biden administration. They are also intended to lay a solid, principles-based foundation to support TEI’s substantive, issue-focused advocacy activities in the weeks and months ahead. TEI encourages policymakers to adopt these guideposts