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The New Tax Environment: Are You Ready? 

The Organisation for Economic and Co-operative Development (OECD) released a 15 step action plan [PDF 1.45MB] in July to address base erosion and profit shifting (BEPS), signifying potentially the biggest change in the international tax landscape in years. 67% of executives interviewed in the 32nd edition of the C-Suite Survey [PDF 366KB] support the proposed OECD action plan to address tax base erosion and profit shifting to other countries.

This survey, sponsored by KPMG, is conducted by the Gandalf Group, and published and broadcast by The Globe and Mail and BNN. Executives were also asked to reflect on their businesses five years after the 2008 crash.

 

Watch KPMG's Willy Kruh discuss the tax morality debate.

 

Corporations around the world and in Canada are dealing with fundamental changes in attitudes towards tax. These changes are being debated in moral rather than legal terms, raising challenges for companies on how they respond to these demands for greater tax transparency.

Top highlights

Profit shifting and pressures to pay "a fair share" of taxes

 

  • 36% of Canadian Boards have taken steps to address whether their company is paying its "fair share of taxes"
  • 21% of executives said their companies could legally shift more profit to low tax jurisdictions
  • 53% of executives said their companies declare at least some income overseas for tax purposes. 87% are declaring at least some income in Canada as well.

 

Five-year anniversary of the 2008 economic crash

 

  • While the vast majority of executives predict growth for their companies and the Canadian economy, less than half believe their companies have actually, fully recovered from the recession of 2008-2009
  • 68% said the recession has changed the way they do business, with executives saying they keep tighter reins on spending and costs and exercise more caution around debt and borrowing.

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 Contact us

Iain MacIntosh

Iain MacIntosh

Partner, Tax

416-777-3121

Contact by e-mail

Willy J. Kruh

Willy J. Kruh

Global Chairman, Consumer Markets

416-777-8710

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