Marzen Artistic Aluminum Ltd. v. The Queen (2014 TCC 194)
I’m don’t know much about this kind of thing, but it doesn’t sound good for Barbados. According to our Google Alerts, the tax sector is abuzz with this latest Canadian ruling that runs 80 pages. (download the ruling here – PDF)
Comments from the cheap seats?
In a lengthy set of reasons, the Tax Court upheld all but a fraction of the CRA’s reassessment of the taxpayer, such reassessments having disallowed the deduction of approximately $7.1M of fees paid by the Canadian taxpayer to its Barbados subsidiary. The Court also upheld the imposition of a penalty under subsection 247(3) of the Act…
… from Dentons Tax Litigation blog: Marzen: Artistic Barbados tax plan defeated
I have a question for our glorious leaders of the DLP and BLP…
Tourism is dying and our offshore banking sector is under serious attack. What is this island going to be doing to earn foreign revenues in 10 years time? Folks like Dr. Duguid and Owen Arthur won’t care because they are rich enough to bail out, but what will our children do to earn a living?
“Canadian banks and other financial institutions should be required to find out the beneficial owners of corporations or trusts that are transferring money overseas, according to recommendations in a new report on tax evasion by Parliament’s finance committee.
The all-party finance committee reported Wednesday on the results of a lengthy review of tax havens, but the study immediately drew criticism from NDP and Liberal members who said its 11 recommendations are too vague and will do little to halt the tide of money flowing into offshore tax havens.”
… from the Globe and Mail article: Banks urged to find out who is sending money abroad