VANCOUVER, BRITISH COLUMBIA and OTTAWA, ONTARIO -- (Marketwire) -- 03/07/13 -- The Certified General Accountants Association of Canada (CGA-Canada) today reaffirmed its support for Bill C-48, the Technical Tax Amendments Act, 2012. In a presentation to the Commons finance committee, Carole Presseault, vice president of Government and Regulatory Affairs at CGA-Canada, encouraged Parliamentarians to move swiftly to pass this important piece of legislation.
"Bill C-48 acts to strengthen the integrity of our tax laws and Parliament should adopt this legislation now," says Presseault. "Bill C-48 deals with the massive backlog of tax measures and adopting this legislation brings greater clarity to Canada's tax system."
Going forward, a better process to deal with tax amendments is required. For instance, the process would need to create the necessary discipline to ensure that technical tax amendments are brought forward to Parliament on a regular basis.
Many are onside with CGA-Canada's call to move forward with the legislation. At the recent CGA-Canada Summit on Tax Simplification (http://www.cga-canada.org/en-ca/ResearchAndAdvocacy/AreasofInterest/TaxSimplification/Pages/ca_tax_simplification_info.aspx), policy makers and thought leaders strategized on the issue of tax simplification and one united idea was formed from the recommendations made - the need to ensure tax policy changes are enacted into legislation within a reasonable amount of time.
CGA-Canada proposed introducing a 'sunset mechanism', which would trigger an expiration date for tax proposals. This would prevent future legislative backlogs and ensure tax proposals are enacted within a year or two.
"This is what good governance and responsible public administration is about," says Anthony Ariganello, president and CEO of CGA-Canada. "Adopting this legislation is in the best interest of all Canadians and should be a priority for Parliament."
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.
Visit us online: www.cga.org/canada
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