Recommendations on tax havens don’t go far enough, opposition MPs say

OTTAWA – A House of Commons committee wants banks and other financial institutions to have the power to find out more about who’s actually behind corporations that stash money in offshore tax havens.

In a report tabled in Parliament, the Commons finance committee also urges the Conservative government to close tax loopholes and develop laws that crack down on those who avoid paying.

Opposition parties say the recommendations don’t go far enough.

The NDP and Liberals want the government to calculate and publish the tax gap — the amount Canada is losing to tax evasion and tax havens.

The New Democrats also say the Canada Revenue Agency should require Canadian corporations to declare all of the taxes they pay abroad, country by country, with the goal of greater transparency.

In addition, the NDP recommends the auditor general regularly evaluate the revenue agency’s efforts to prosecute and settle cases of tax evasion.