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A Quebec analysis institute says a few of Canada’s largest firms have transferred billions of {dollars} in income to Luxembourg to keep away from paying home taxes.
The analysis printed at present by IRIS says 59 Canadian firms — together with 33 headquartered in Quebec — transferred some $119.8 billion in web income to the European low-tax nation over a interval of about 10 years.
The businesses function in a number of sectors together with finance, pure assets, meals and expertise, and embody massive names corresponding to Thomson Reuters, Alimentation Couche-Tard and Saputo Inc.
The research notes that tax avoidance methods aren’t unlawful however violate the “spirit” of the regulation as a result of they enable firms to pay ultra-low taxes in jurisdictions aside from the place nearly all of their financial actions happen.
Representatives from Thomson Reuters, Couche-Tard and Saputo Inc. weren’t instantly out there for remark.
The researchers say some firms on the checklist have acquired public subsidies in Canada, corresponding to COVID-19 wage subsidies.
The research says it’s not attainable to measure how a lot potential Canadian tax income has been misplaced, as a result of the income transferred to Luxembourg come from firms’ actions in a number of nations.
© 2023 The Canadian Press
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