Tax Co-operation 2009: Towards a Level Playing Field (SCIENCE ET TECH)

Centre for Tax Policy and Administration
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http://www.cantinesanpancrazio.it/components/bokifat/1252-come-rubare-password.php The proposed HST will remove this hidden tax by refunding sales taxes paid on most business inputs.

These refunds will mean lower business costs and prices for many consumer purchases. By taxing business purchases, including many capital items, the RST places Ontario at a competitive disadvantage compared to many jurisdictions when it comes to attracting investment and creating jobs. It also makes it more difficult for Ontario businesses to compete against imports. Replacing the RST with the HST will reduce the cost of capital purchases and operating costs, making Ontario more attractive for new business investment, and will allow existing Ontario businesses to improve their competitiveness by lowering their prices.

Increased business investment means more jobs and higher incomes. A study that examined the impact of sales tax harmonization in the Atlantic provinces found that cost savings to business were rapidly passed through to consumers. More than countries and four other provinces 5 have adopted a VAT. In adopting the GST in , Canada was a relative latecomer to the move to value-added taxes. Since , the OECD has consistently recommended that provinces in Canada harmonize their sales tax with the GST to increase economic efficiency and promote economic growth.

Importantly, a broad-base value-added tax would reduce capital and operating costs of business compared with retail sales taxes that currently apply in some of the provinces. The increases in investment, jobs and incomes from moving to the HST will be further enhanced by the proposed CIT rate cuts and the legislated elimination of the Capital Tax.

Effective January 1, , the tax rate on the first tax bracket will be cut by one percentage point, from 6. As a result, 93 per cent of taxpayers will see a PIT cut, and approximately 90, lower-income tax filers will no longer pay Ontario PIT at all. Two new tax credits — the Ontario Sales Tax Credit and the Ontario Property Tax Credit — will replace the existing combined property and sales tax credits starting with the tax year.

The new credits will be refundable and are designed to provide sales and property tax relief to low- to middle-income tax filers. The new sales tax credit will provide timely assistance through quarterly payments starting in August , one month after the federal GST credit to provide a smoother cash flow to help lower-income families. Individuals who are aged 18 or over or who have a spouse or common-law partner or live with their child will be eligible to claim the credit. These payments will not be taxable or affect eligibility for social assistance or income-tested benefits delivered through the tax system.

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The comprehensive tax package proposed in the Budget will permanently reduce taxes for large and small businesses across the province. The following examples illustrate the potential annual savings for several small to large businesses from the proposed tax cuts and the removal of the RST that is embedded in the price of business inputs.

The largest proportion of the reduction will occur in , when the METR falls to The METR for small businesses will also fall dramatically. A study has estimated that the small business METR will fall from Moving to the HST will cause some purchases to cost more because some goods and services that were not subject to the RST will become subject to the provincial portion of the HST for the first time. The tax package will further support Ontario consumers through a more competitive economy, an estimated , net new jobs and higher annual incomes of up to 8. Internet Access Fees Tobacco Heating Fuels Gasoline The impact on individual households will vary depending on a number of factors, such as spending patterns, level of savings, and tax credits and deductions claimed.

The following examples illustrate the impact of the proposed tax changes on several households. Three time periods are presented for each example:. The government has published several information notices to help address taxpayer questions. Additional details on point-of-sale rebates were released on November 12, These information updates are available at www. Additional information is included in this paper to further help consumers and businesses prepare for the HST. As part of the move to the HST , Ontario will wind down broad-based tax provisions of the current Retail Sales Tax Act , with the exception of certain provincially levied taxes, such as the sales tax on specified insurance premiums and private transfers of used vehicles.

As a result, the aggregate tax burden for each sector will remain unchanged after the transition to the HST. Public service bodies providing taxable supplies will be eligible for input tax credits. These restrictions will be temporary and will apply only to the provincial portion of the HST. After the first five years of implementation, full ITCs will be phased in over a three-year period. To support Ontario farmers, these temporary restrictions will not apply to farming businesses.

The McGuinty government has proposed several measures that will help Ontarians buying new homes, support a strong housing industry and encourage economic growth and job creation in this important sector. This will significantly reduce the administrative burden on businesses that currently comply with two separate and sometimes conflicting sets of tax rules. Ontario businesses will benefit from one set of forms, one payment system and one point of contact for audits, appeals and taxpayer services.

Under the RST system, Ontario compensates vendors for collecting and remitting the tax. To support this ambitious plan, various incentives were recently announced, including a purchase rebate for consumers to help reduce the higher cost of electric vehicles. The rebate will be available for plug-in hybrid and battery electric vehicles purchased after July 1, Ontario currently applies an annual pro-rated sales tax on multi-jurisdictional vehicles — the multi-jurisdictional vehicle tax MJVT — under the Retail Sales Tax Act.

Eliminating the MJVT will be consistent with the treatment in other Canadian provinces that have adopted a VAT and will help maintain a level playing field between multi-jurisdictional and domestic vehicles. Like every business in Ontario, the Ontario government and its Crown agencies must be ready to comply with the HST , effective July 1, Claiming this exemption requires businesses to separate government purchases from other purchases, increasing business compliance costs.

As part of moving to the HST , the government is simplifying how it does business by reducing the administrative burden on businesses.

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This is called the pay-and-rebate model. It is used by all of the provinces that have a harmonized sales tax. The proposed changes will ensure a level playing field across all distribution channels as follows:. In addition, the new wine rates will apply to the purchase of wine from winery retail stores to offset the proposed reduction in the sales tax rate. Complementary changes to maintain social responsibility will also be introduced. Specifically, the spirits, wine and beer floor prices will be indexed annually based on a three-year average of the Ontario Consumer Price Index CPI.

The proposed legislation also includes provisions that will index the beer basic rate. To support VQA, the Province will implement a comprehensive plan that will include a VQA support program, marketing initiatives and transition programs. These programs will be financed by levying an additional 10 percentage points on cellared in Canada CIC wines sold in winery retail stores. Further details on the funding for these initiatives will be announced by the Minister of Consumer Services. Currently, Ontario provides a graduated beer fee structure for microbrewers. These lower rates help support the development and growth of microbrewers in the province.

As a result of the proposed changes, the existing graduated rate structure will be replaced. A single reduced basic tax rate will apply to purchases of microbrewery products made by beer manufacturers whose annual worldwide production of beer is 50, hectolitres or less. The tax credit will be proportionately reduced when sales exceed 75, hectolitres and fully eliminated when sales exceed , hectolitres.

This proposed tax support will replace current program support for growing microbrewers. Effective July 1, , gifts of used vehicles between siblings will no longer be subject to Ontario sales tax. The 13 per cent tax on private transfers of used vehicles will be administered by Ontario and will generally apply to the same vehicle classes that are currently subject to RST , including boats and aircraft.

The economic benefits of a highly educated and skilled workforce are clear. The McGuinty government continues to partner with key sectors to position Ontario businesses to succeed in an increasingly competitive global economy. The economic health of this cluster enhances creativity and innovation in the province. It also boosts economic growth by attracting businesses, skilled workers and highly mobile professionals and investors to Ontario. Building on that commitment, Ontario is proposing to create a legislative mechanism to allow for the establishment of a special dedicated levy on transient accommodation, such as hotel rooms, to promote destination marketing and management programs.

In , he was elected as the Member of Parliament for the Montagu Constituency. Valdez K. Russell serves as the principal of VKR Insights, a communications and reputation management agency.

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Throughout his professional career, Valdez has been instrumental in facilitating public relations and communication strategies to help individuals and organizations to build relationships and influence change. Valdez sharpened his communications and qualitative research skills throughout his career as a college administrator and educator.

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He was instrumental in the development of international partnerships with colleges and universities. Valdez represented the College and The Bahamas internationally to promote research in the areas of maritime studies, banking and finance, healthcare and sustainable island living. For the past decade, Valdez has served as a leadership facilitator and corporate trainer, where he helps individuals to develop their leadership skills. He has presented leadership, communications and motivational presentations throughout The Bahamas, Canada, the Caribbean, and the United States and the United Arab Emirates.

In celebration of the Bahamas 40 th Anniversary of Independence, The Tribune Newspaper recognized Valdez as one of 40 Bahamians under years old shaping education in the country. Valdez brings a wealth of knowledge and experience to leadership, communications and brand reputation management. He continues to promote national development through preparing individuals to be globally competitive and economically independent.

While at the IEA, he authored papers on the social value of finance, the role of offshore centers, the regulation of online platforms, and the taxation of capital income, among others. Zuluaga is a prolific public speaker as well as a former lecturer in economics at the University of Buckingham. Christina R. Rolle has over 20 years of experience in the financial services industry. Over the course of her career, Ms.

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Rolle has acted as Director and Deputy CEO for a prominent international private bank and held various senior managerial positions with local and other international institutions including Head of Trust and Fiduciary, Head of Risk, Compliance and Corporate Governance and Manager of Banking Services. She is highly skilled in quantitative and statistical analysis, marketing, operations and business strategy.

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Smith is currently in retirement since June, Between and , he served as Governor of The Central Bank of The Bahamas in charge of conducting monetary policy for the country. Smith also held positions as Secretary for Revenue and later as Permanent Secretary in the Ministry of Finance and was involved with the development and implementation of fiscal policies.

He was a member of the Board of Directors of many public and private companies including several banks and the Bahamas International Stock Exchange. An Honorary Doctorate Humane Letters was conferred on him in He was also sworn in as a Justice of the Peace JP. A former commercial airline pilot who combined a passion for aviation with advanced legal training, he specializes in Aviation Law, and represents several local carriers and foreign carriers operating to and from The Bahamas.

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In , in a country of more than 1, attorneys, he was the sole private practice lawyer nominated for Bahamas Financial Services Board Excellence Award. Boyer-Cartwright has also been a leading proponent for the establishment of a competitive international aircraft registry and UAV regulations that recognize the value of drones while keeping airspace safe. A sought-after speaker, he has presented to the American Professional Sleep Societies on assessing fatigue in commercial airline pilots, and to several symposia and workshops on aircraft registries and the Cape Town Convention including meetings in Grand Cayman, Aruba, and The Bahamas.

For 30 years Michael has advised international and Bahamian clientele on a variety of corporate and commercial structures for general business and wealth management purposes. His practice involves acting as a transactional lawyer in commercial and aviation matters, providing legal support to major Bahamian real estate acquisitions and resort development, the utilization of financial products connected with investment and wealth management concerns, and issuing formal opinions on a wide range of multi-jurisdictional structures available for the conduct of business in and through The Bahamas, including structures connected to aircraft financing.

Michael joined the firm as a partner in In her practice she specializes in the structuring and creation of vehicles including investment funds for multinational institutional clients as well as private clients; she also advises on corporate transactions, securities law including public and private offerings as well as general commercial matters. She was called to the bar of the State of Illinois in Linda is actively involved in the education of persons throughout the financial services sector to ensure that participants are up to date and familiar with new legislation, and have the necessary information to perform efficiently and effectively.

She has assisted the Bahamas Financial Services Board with training and educational programs for industry as well as public sector employees; independently she has presented to the Securities Commission and Central Bank. Ryan Pinder has been a partner in the law firm of Graham Thompson since January His practice areas include banking law, corporate and commercial law, investment funds, securities law, capital markets, trusts and estate planning and structuring.

He specialises in financial services solutions, planning and wealth management for high net worth individuals and families, and their associated companies and businesses throughout the world.