Specific international agreements and general trends toward global economic consolidation mean that Canadian business is now more than ever an important part of a highly integrated north American – and increasingly globalized – economy. Nevertheless, unlike the situation in the EU, the Canadian income tax system has undergone little if any change to harmonize its application with the tax systems of its major trading partners.
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While it’s great that the OECD is alive to multinationals’ fears of being caught in a compliance trap, the ‘common understanding’ illustrates a worrying lack of readiness
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