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Add a filter on Committee Evidence - FINA-40
Committee Evidence - FINA-40
2021-05-06
Hon. Ed Fast - 17:09
Lucia Iacovelli
2021-05-06 17:09
...More
We provided products, which was the offshore product, until 2003. We have not provided any products after 2003.
...Less
Accounting and accountants
KPMG
Tax avoidance
Tax evasion
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-05-06 17:09
...More
Prior to 2003, this product you provided was the OCS program.
...Less
Accounting and accountants
KPMG
Tax avoidance
Tax evasion
Lucia Iacovelli
2021-05-06 17:09
...More
It was the OCS structure, correct.
...Less
Accounting and accountants
KPMG
Tax avoidance
Tax evasion
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-05-06 17:09
...More
All right.
Just for complete clarity, when you're referring to that product for these offshore structures, was the purpose of those structures to reduce the tax exposure of your client companies?
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
Lucia Iacovelli
2021-05-06 17:09
...More
With respect to the offshore structure, the purpose of the structure was that it would mimic a non-resident trust. Back in those days, those trusts were very much—
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-05-06 17:10
...More
Okay. My question was very simple. Was it to reduce the tax exposure of your client companies?
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
Lucia Iacovelli
2021-05-06 17:10
...More
Unfortunately, it's not a yes or a no answer, Mr. Fast. It's a very complex tax act. The last time I looked, it was over 2,300 pages.
With respect to the offshore structure, the offshore structure very much operated like a non-resident trust, which was very much accepted by the government. The government welcomed those types of structures because they allowed for wealthy non-residents to move to Canada and establish residency in Canada.
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-05-06 17:10
...More
Okay, then it was about reducing the tax exposure of your clients.
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
Lucia Iacovelli
2021-05-06 17:10
...More
Mr. Fast, with respect to the offshore structure, again, it's very complex. It's not just a yes-or-no answer.
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-05-06 17:11
...More
I hate it when accountants try to hide behind complexity to avoid answering questions.
Let me ask you this: Why was the program terminated?
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
Lucia Iacovelli
2021-05-06 17:11
...More
The program was terminated because we very much felt that the landscape was changing. We very much felt that it was legal, and it also passed the GAAR testing, but at the time, KPMG was very much changing its views with respect to tax and what was acceptable from a responsibility perspective. The world was changing also with respect to what was socially acceptable.
I appreciate that I'm getting the sense that everyone feels I'm not being co-operative, but I want to point out that it's not my intention.
We are here voluntarily today. I am providing all the information that I'm able to provide. I think that you have to appreciate that my code of conduct precludes me from discussing specific client situations. I am happy—
...Less
Accounting and accountants
Foreign companies
KPMG
Tax avoidance
Tax evasion
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-05-06 17:12
...More
I never asked you to discuss specific client situations. I just asked you a very general question about the tax consequences of the OCS program. Now I did want to ask one more.
You've served notice for libel on the CBC for its reporting, but your firm did face legal sanctions in the U.S. from the advice you gave to clients respecting the offshore structures, correct?
...Less
Accounting and accountants
Foreign companies
KPMG
Legal procedures
Tax avoidance
Tax evasion
Lucia Iacovelli
2021-05-06 17:12
...More
I'm not familiar with what occurred in the U.S. I'm not connected with that matter whatsoever.
...Less
Accounting and accountants
Foreign companies
KPMG
Legal procedures
Tax avoidance
Tax evasion
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-05-06 17:12
...More
You have no knowledge about that at all—is that what you're telling me?
...Less
Accounting and accountants
Foreign companies
KPMG
Legal procedures
Tax avoidance
Tax evasion
Lucia Iacovelli
2021-05-06 17:12
...More
I do have knowledge of it, Mr. Fast, but I don't—
...Less
Accounting and accountants
Foreign companies
KPMG
Legal procedures
Tax avoidance
Tax evasion
Hon. Ed Fast - 17:12
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