Mr. Max Saltsman (Waterloo-Cambridge):
Mr. Speaker, I rise under the provisions of Standing Order 43 on a matter of urgent and pressing necessity. In view of statements by officials of National Revenue and by the former minister, Mr. Basford, to the effect that under existing tax laws multinational corporations operating in Canada are able to divert funds to subsidiaries outside of Canada, thus escaping paying hundreds of millions of dollars in taxes, and in view of the announcement by Revenue Canada that it has shelved plans to close these loopholes, I move, seconded by the hon. member for Timiskaming (Mr. Peters):
That this House condemn the government for its shortsighted approach to government finance as demonstrated by its refusal to close tax loopholes which cost the Crown hundreds of millions of dollars in foregone revenue and, further, that this House instruct the government
to undertake immediately whatever studies and monitoring programs are necessary to end this circumvention of the law.
Subtopic: INCOME TAX