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Deloitte senior partner Gary Zed said the business community is seeking to have the measure considered in an overall review of international tax policy by a blue ribbon panel, and should not be treated in isolation.
"This is not about tax havens," he said."This is one of the most significant changes in taxation in 30 years and something this seismic requires consultation with shareholders."
Business groups have argued that foreign investments allow Canadian companies to plug into global supply chains and to expand, bringing direct and indirect benefits to Canada.
Zed said it was difficult to calculate exactly how much the measure would cost Canadian corporations, but estimated it could be as little as $1 billion and as much as $2.5 billion a year.
"It is many multiples what the finance department has estimated," he said.