Today, the Canadian Chamber of Commerce released a report that looks at what the government must do to ensure the positive steps that have been taken in tax reform continue to pave the way out of the recession.
In response to advances in communications and information technologies, and the ease of movement of skilled workers and capital across national borders, many countries have continued to overhaul their tax systems to improve their global competitiveness despite recession-ravaged public finances.
A long-term, strategic, well-thought out and comprehensive tax reform plan is needed for Canada to achieve strong economic growth and prosperity. Smart tax policies create the conditions for stronger economic growth, higher incomes for Canadians and higher returns for businesses.
This paper, entitled Embracing a Growth-Oriented Tax System, focuses on a few key areas in need of improvement including: the tax system’s complexity; business taxes, labour taxation; EI premiums and more.