PwC Federal Budget instant reaction: Tax filing consolidation still possible,
as Federal Government considers it

TORONTO, March 4 /CNW/ - PwC tax specialists commented today:

While the Government has taken several steps to improve the competitiveness of the tax system for Canadian business, there are still specific structural elements of the tax system where it may be possible to make improvements.

Going forward, the Government will explore whether new rules for the taxation of corporate groups - such as the introduction of a formal system of loss transfers or consolidated reporting - could improve the functioning of the tax system. Stakeholder views will be sought prior to the introduction of many changes.

A PwC Budget Flash with additional Budget highlights has been issued today, followed by a detailed Budget Memo later this evening. For more information and detailed commentary on the Budget please contact, Kiran Chauhan, [email protected], 416-947-8983 or visit www.pwc.com/ca/budget.

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For further information: Kiran Chauhan, [phone], [email protected]