CANADA TO INCREASE CORPORATE TAX REVENUES
Canada will increase corporate tax
revenues by about five billion dlrs over the next five years by
broadening the tax base and allowing fewer exemptions, finance
minister Michael Wilson said.
     As Wilson previously promised, he said corporations will
bear an increased tax burden, despite new measures to lower
overall tax rates.
     Increased corporate revenues will result from broadening
the tax base and eliminating special tax exemptions.
     "The jobs of many Canadians depend on a corporate income
tax system that is competitive with other countries,
particularly the United States," Wilson said in a prepared
speech to the House of Commons.
     "And it (tax reform) will ensure that profitable
corporations carry a bigger share of the total tax burden," he
added.
     Federal tax revenue from corporations will increase by 470
mln dlrs in the fiscal year ending March 31, 1988, 410 mln dlrs
in fiscal 1989 and 1.19 billion dlrs in fiscal 1990, according
to documents tabled with Wilson's speech.
 Reuter
