Quest for corporate tax reform heating up

"In all likelihood, Canada's mining industry would be adversely affected by corporate tax reform proposals actively being considered by the Department of Finance in Ottawa. When the next set of proposals for lax reform is released later this year as promised by Finance, the mining industry had better be prepared 10 take a hard look.IntroductionTwo federal budgets ago, in May 1985, Finance Minister Wilson tabled budget papers that were more massive in terms of volume than most federal budgets. Buried in this mass of documentation is a discussion paper entitled ""The Corporate Income Tax System-A Direction For Change"". When the discussion paper was tabled over one year ago, reaction from the business sector was almost nonexistent. By and large, the paper was regarded as nothing more than one more federal publication of mild academic interest.But, recent events suggest that this discussion paper for corporate tax reform could be the cornerstone for a series of changes to the tax laws which would have more profound and widespread effects for all sectors of the economy than any reform since 1971 . No industry in Canada can afford to ignore the movement afoot in Ottawa for corporate tax reform."