Friday, June 15, 2018

Using a Revised 21st Century Tax Code to Drive Research and Development

          By Henry Stewart

While most of the domestic space industry remains reticent about discussing updates and changes to the Canadian tax system in order to drive research and development, Russ Roberts, the Canadian Advanced Technology Alliance (CATAAlliance) Sr. VP of tax, finance & advocacy is at least willing to acknowledge and discuss the issue.


As outlined in the June 12th, 2018 CATAlliance post "Making the Case for Canada’s 21st Century Tax Commission: Russ Roberts, Sr. VP, CATAAlliance," Roberts has issued a "Call to Action" for viewers to send CATA a "supportive quote" on the steps needed to make the tax system "fairer, simpler and more competitive."

CATAAlliance considers their initiative to revise the tax system "imperative for Canada’s future prosperity" and says that further discussion of the issue "will bridge a 55 year gap since Prime Minister John Diefenbaker took the same step" when he appointed the 1962 Kenneth Carter led Royal Commission on Taxation.

According to CATAAlliance spokesperson Terry Matthews:
We continue to face massive transformational changes to Canada’s economy, in part driven by new technologies, such as blockchain, AI (artificial intelligence) and digital commerce. 
We must get ahead of the curve and have an open debate on how to create a tax regime for the 21st century.
CATAlliance CEO, John Reid echo's those sentiments:
Aside from changing technologies and the impact of how other countries have updated their tax systems, some recent reasons for a new Commission include the Paradise Papers, which demonstrated the misuse of offshore tax havens, last summer’s federal Finance Minister’s small business tax reform debacle, and the shared view that one needs a degree in tax law to understand the complicated rules and compliance procedures of ours.
For more information on this initiative or to contribute, contact CATAAlliance CEO John Reid at jreid@cata.ca and check out the June 13th, 2018 CATAAlliance post, "Quotes & Videos to Support a 21st Century Tax Commission: CATAAlliance request to Community members."
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Henry Stewart is the pseudonym of a Toronto based aerospace writer. 

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