Claire Kennedy in Bloomberg on Voluntary Disclosures Program

Claire Kennedy comments in Bloomberg BNA on the Canada Revenue Agency's proposal to limit its Voluntary Disclosures Program, including ending access to the program for transfer pricing cases and for corporations with gross revenues greater than C$250 million. Claire says that, if enacted, the proposed significant decrease in available benefits under the VDP means non-compliant taxpayers may be tempted to take their chances with an audit, thereby increasing the tax agency's enforcement costs and possibly reducing collections—both bad outcomes for the system.