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23 May 2019

New disclosure requirements and penalties for both taxpayers and advisors and promoters in Québec discussed

The Québec Ministry of Finance released Information Bulletin 2019-5 "Measures Designed to Protect the Integrity and Fairness of Québec's Tax System" on May 17. This bulletin announces new measures to oppose aggressive tax planning by imposing significant new penalties and disclosure requirements on both taxpayers and professionals (i.e., advisors and promoters). The measures will be enacted by amendments to the Québec tax legislation but will generally apply to all transactions that occur on or after the May 17 publication date of the Bulletin.

A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.

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ATTACHMENT

Full text of this Tax Alert

Document ID: 2019-0988

 

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