In the 2021 Canadian Budget, it was announced that Canada would be amending the Income Tax Act to require certain transactions to be reported to the Canadian Revenue Agency (CRA). The Canadian law is part of an OECD initiative to combat tax evasion, known as BEPS Action 12, and is similar to the EU's DAC6 regulation. Canada's updated mandatory disclosure law is set to be in force from 2023.
This means that taxpayers and their advisors and promoters, including lawyers and accountants will need to review transactions to see if they are reportable. Reports will need to be filed within 45 days of a triggering event. Businesses that start keeping track of transactions now will find it easier to report transactions when the mandatory disclosure law is in force in Canada.
VinciWorks' Canadian MDR reporting solution provides firms and multinational businesses with the expertise, knowledge and technical infrastructure to comply with the Mexican MDR regulations. The tool uses a built-in knowledge engine to guide users through the MDR process and recommends which transactions should be reported. It features workflows designed and updated for the intricacies of Mexico’s implementation of MDR.