Unions Call for Corporate Tax Transparency as Billions Shift Offshore

OTTAWA — Today, the Canadian Labour Congress (CLC), alongside Public Services International (PSI) and the International Trade Union Confederation (ITUC), is sending a joint letter to Members of Parliament urging the federal government to require greater corporate tax transparency through public country-by-country reporting (pCbCR) for the largest multinational corporations operating in Canada.

Public country-by-country reporting would require large multinational corporations to publicly disclose where they generate profits, where they employ workers, and how much tax they pay, using data companies already submit privately to tax authorities.

Despite collecting this information, Canada keeps it out of public view, unlike in the European Union and Australia. As a result, $22–25 billion in corporate profits are shifted out of Canada every year with little scrutiny, weakening workers’ bargaining power and draining revenue needed for public services and infrastructure.

WHAT:             Comment on unions’ demands for greater corporate tax transparency

WHEN:             By arrangement

WHO:               DT Cochrane, senior economist at the Canadian Labour Congress 

QUOTE:

“We were told cutting corporate taxes would lead to more investment and better jobs. Instead, corporations shifted profits into tax havens and paid out shareholders, while working families were left behind. Public country-by-country reporting would shed light on how corporations avoid taxes. The data already exists, other countries have acted, and it’s a no-brainer for Canada to follow suit.” —DT Cochrane

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To arrange an interview with DT Cochrane, please contact:  
CLC Media Relations  
media@clcctc.ca  
613-526-7426