On 29 July 2016, the Canadian Department of Finance published for consultation draft legislative proposals from the 2016 Budget ({News-2016-03-24/P/2- previous coverage}) relating to the Income Tax Act, Excise Tax Act, Excise Act, 2001 and related legislation. The draft proposals include a number of measures addressing evasion/avoidance, transparency and other issues, including Country-by-Country (CbC) reporting.
CbC Reporting
CbC reporting requirements will be implemented based on the gu…