Dec. 13 --Canada's Department of Commerce launched a public consultation on an overhaul of Canada's corporate governance legislation that would help detect tax evasion.
The consultation on the Canada Business Corporations Act is intended to enhance the ability of tax authorities to access information on corporate ownership, as well as improve efforts to combat bribery and corruption, Industry Minister James Moore said Dec. 11.
“Our government is committed to engaging in meaningful conversations on issues around corporate governance,” Moore said in a statement. “That means having greater access to information on corporations in a timely and transparent manner and being in a stronger position to support law enforcement and other government agencies in the fight against money laundering, terrorist financing, and tax evasion.”
The consultation, based on a discussion paper that addresses a range of potential issues, is open to public participation through March 11, 2014.
To contact the reporter on this story: Peter Menyasz in Ottawa at firstname.lastname@example.org
To contact the editor responsible for this story: Cheryl Saenz at email@example.com
The discussion paper is at http://www.ic.gc.ca/eic/site/cilp-pdci.nsf/eng/h_cl00867.html.
To view additional stories from Bloomberg Law® request a demo now