OTTAWA, ONTARIO--(Marketwired - Dec. 11, 2013) - The Certified General Accountants Association of Canada (CGA-Canada) is pleased with the attention given to tax simplification by the Commons finance committee in its 2013 Pre-Budget Consultations Report. The national association strongly urges the federal government to take these recommendations seriously and act on them in the next federal budget.
"While we are pleased that the committee recognizes the importance of tax simplification, the federal government must find urgency to explore ways to simplify the Income Tax Act," says Anthony Ariganello, president & CEO of CGA-Canada. "Now is the time to act and reduce complexities and inefficiencies in our tax system."
In previous reports, the committee also endorsed a consultation process to undertake a review to modernize and simplify Canada's tax system.
"However, vested interests and political realities have hampered attempts to reform Canada's tax system. CGA-Canada believes that something needs to happen to kick-start the process" says Carole Presseault, vice-president of Government and Regulatory Affairs at CGA-Canada.
The finance committee's recommendations also touch on several other key areas of interest to Canadians, including red tape reduction. The committee once again suggested that the government explore standardizing business reporting language, known as XBRL. This is a "perfect fit" with the federal government's Red Tape Reduction Action Plan, since the adoption of standardized business reporting would reduce red tape and taxpayer compliance costs, and enhance data collection, notes Presseault.
Tax simplification and adopting XBRL were recommendations put forward by the Chartered Professional Accountants of Canada and CGA-Canada in a joint brief.
For more on CGA-Canada's position on tax simplification and its pre-budget recommendations, click here.
Founded in 1908, the Certified General Accountants Association of Canada serves Certified General Accountants and students in Canada and nearly 100 countries. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally. CGA-Canada is currently working with the Chartered Professional Accountants of Canada (CPA Canada) to integrate operations under the CPA banner. Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally.
Visit us online at www.cga.org/canada
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