Canada joins the exchange of information

Department of Finance in Canada released budget proposal for 2016. This draft law included implementation of provisions of information exchange.

First of all, changes concern Section 223 of the Income Tax Act. Parent companies with consolidated revenue more than 750 million euro have to file the annual report. The report consists of information about revenue, paid and accumulated interest, number of employees, undistributed profits in all tax jurisdictions, where it carries on business.

Annual report has to be filed during 12 months. The period can be increase up to 30 days.

Mentioned changes will be determined together with the budget of 2016 year in the end of September 2016.

Источник: http://www.fin.gc.ca/drleg-apl/2016/ita-lir-0716-l-eng.pdf