Thursday, November 3, 2011
The Canadian government has unveiled a package of draft legislative proposals relating to income and sales tax regulations.
The Department of Finance released for public comment the plans to introduce a number of technical changes to the Income Tax Act, the Income Tax Amendments Act, 2000, the Income Tax Regulations, and the Excise Tax Act.
The government's proposals are part of an ongoing effort to ensure that the tax legislation is clear and reflects the underlying policy intent. Many of the proposals respond to issues brought to the attention of the Department by taxpayers and their representatives.
The proposals include technical changes relating to:
Interested parties are invited to provide comments on the draft legislation by November 30, 2011.