According to the OECD (2011) Tackling Aggressive Tax Planning through Improved Transparency and Disclosure, OECD Publishing traditional audits alone may not be an effective way to obtain information on aggressive tax planning schemes. Canada is one of the many countries with mandatory early disclosure rules. Currently Canada has required disclosures on tax shelters and has also proposed requirements for reportable transactions.
The OECD report also concludes that having information that is timely and comprehensive is important both for tax policy and compliance. Having these targeted disclosure initiatives will benefit taxpayers in general.
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