[All] Economics & tax justice update

[Lanteigne]

Hi folks
To get to climate justice we need tax justice and here is a summery of issues we have in Canada and what is being done about it.
The Ontario Federation of Labour said their is an intense concentration of power with the Asset Managers. ie: Blackrock can purchase 4 times the shares of UK stock right now. They can control 20% of the market presence with 5% of the votes and that's way too much power.

The UK infrastructure advisor Sir John Armitt admits to “Binding Politicians” to 30 year old schemes as noted in the KPMG Insights Report 2015. He seems to think politicians exist to only approve infrastructure.




A report: KPMG'S REGULATORY ARBITRAGE CULTURE (the simultaneous buying and selling of securities, currency, or commodities in different markets for advantage. Market rigging, buying shorts etc.) https://www.academia.edu/19497525/KPMGS_REGULATORY_ARBITRAGE_CULTURE
And Canada’s Jersey offshore tax mess is this: “A loan that everyone knows from the beginning is not going to be repaid…is not a loan.” Loomer says. “Even if it technically was a loan, Canada has debt forgiveness rules that could apply.”
https://globalreportingcentre.org/jersey-offshore/
Harper and Nigel Wright of Onex allowed CEOs to be paid in shares to reduce corporate tax rates by 50%. In 2018 Brookfield's Senior Manager James Flatt's base salary was $795,334 with $5,385,958 in shares making his total compensation $6,181,292. Giving shares to CEOs is a horrible tax loophole. They should be paid in cash. https://archive.canadianbusiness.com/lists-and-rankings/richest-people/canada-100-highest-paid-ceos/
We lost 11 Billion in one year in 2014. It isn’t sustainable. https://www.cbc.ca/news/business/cra-corporate-taxes-1.5179489
It gave CEO’s outrageous power and because the lawyers are handling the assets it lacks transparencies with solicitor client privileges. 
https://moodysprivateclient.com/supreme-court-of-canada-rules-that-fintrac-requirements-do-not-apply-to-law-firms-solicitor-client-privilege-remains-strong-in-canada/
When KPMG was investigated Harper made CPA the oversight over Revenue Canada. It was a conflict of interest.
https://www.cbc.ca/news/business/harper-government-partnered-with-industry-group-battling-cra-over-kpmg-case-1.3257994
Lack of transparancy drew in criminals. If folks break corporate rules they get away with settlements yet still made their money so crime is viewed at as the cost of doing business. 
Groups are now working to advance a UN Tax Convention to prioritize the welfare of people over profits. https://taxjustice.net/2022/03/10/a-draft-un-tax-convention-building-momentum/
Folks are calling for wealth tax in Canada. https://www.taxfairness.ca/en/resource/explainer-what-wealth-tax
There are calls to create a public beneficial ownership registry to create greater transparency. Canada To Create Public Beneficial Ownership Registry - Law360 

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Canada To Create Public Beneficial Ownership Registry - Law360

Canadas government will create a public beneficial ownership registry by the end of 2023, Prime Minister Justin Trudeau said Tuesday in a news release announcing an alliance between two major parties to keep him in power until 2025.
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Transparancy International is calling for  the same to help end Snowwashing to stop illicit funds. https://transparencycanada.ca/news/end-snow-washing-coalition-applauds-accelerated-timeline-for-a-publicly-accessible-beneficial-ownership-registry-by-2023
It is wonderful to see the issue advancing. If we get economics right social and climate justice will follow.
Bit by bit!
Lulu 😀

Sent from Yahoo Mail for iPhone
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