18.3.4 TAX AVOIDANCE THRU TAX HAVENS

WHEREAS the Canadian Government loses up to an estimated $15 billion a year thru tax avoidance facilitated by the use of legal tax havens, and

WHEREAS the 60 largest public companies on the TSE have over 1,000 identifiable subsidiaries or related companies in places known to be onshore and offshore tax havens, and

WHEREAS Canadian foreign direct investment in tax havens exceeds $250 billion, and

WHEREAS the Canadian Government has not effectively dealt with corporations using tax havens to shift profits and avoid taxes, and

WHEREAS the release of the Panama and Paradise papers has shown the sweeping role that banks and legal firms play in facilitating tax avoidance thru tax havens, and

WHEREAS the share of Federal Tax Revenue from corporations has dropped by over 30% since the 1970’s, and

WHEREAS the use of tax havens make the rich, richer and the poor, poorer, by shifting the tax burden to people and businesses that do not or cannot avoid taxes thru tax havens,

THEREFORE BE IT RESOLVED THAT the NPF urge the Canadian Government to stop tolerating and facilitating the use of tax havens to legally avoid taxes and to reverse the policies that make it legal to avoid taxes thru tax havens and to provide the resources required to enforce compliance.

Submitted by Unifor Local 200 Retired Workers Chapter