Toronto, #Canada; #TorontoDominionBank, #G7countries #IBC; #DonaldTrump, #USTaxreformpackage, #TCJA, #NAFTA, #Bill Morneau
Washington, Feb 14 (Canadian-Media): This week's report by analysts from both Toronto-Dominion Bank (TD) and the Canadian Imperial Bank of Commerce (CIBC) highlighted that U.S. recent tax reform package has caused Canadian businesses to lose their competitive advantage to their U.S. peers, media reports said.
"With a revitalized tax code, CEOs have another reason to locate in, or worse yet, relocate to the US," Ian de Verteuil of CIBC was reported to state.
It was also pointed out by strategists at CIBC that a lower tax rate in the U.S. could negatively impact Canada's economy by making U.S. peers more competitive on mergers and acquisitions.
U.S. tax reform bill worth $1.5-trillion, known as the Tax Cuts and Jobs Act (TCJA), had reduced the U.S. corporate income tax rate from 35 percent to 21 percent - the biggest change to the U.S. tax code in over 30 years and other business owners get a 20 percent deduction on business income.
Donald Trump. Image credit: Twitter handle
U.S. reportedly had one of the highest business tax rates among G7 countries, prior to this law, which had not declined over the past 20 years.
Canada, on the other hand, had one of the lowest corporate tax rates in the group and rates had been declining consistently for several years.
"For Canadian companies, the focus has so far been on companies that win from the lower overall level – because they have large U.S. operations and were accruing taxes at a higher rate," Verteuil was reported to state.
Derek Burleton, economist at TD reportedly said that present circumstances has necessitated Canadian government to take action in the upcoming budget.
"We do not believe that a tit-for-tat reduction in tax rates is necessary to guard against these risks, since taxes form only one part of the competitiveness equation," Burleton was reported to state.
"Maintaining longer term fiscal sustainability, increasing the efficiency of tax systems through revenue-neutral tax reforms and well-thought-out investment in human capital and skills training can achieve the similar aim of improving competitiveness," he added.
Bill Morneau, Canada's Finance Minister would reportedly meet with leading economists in Toronto on Friday for a pre-budget consultation.
(Reporting by Asha Bajaj)
#LibraryofCongress, #U.S.CopyrightOffice, #StandardApplication
Washington, Feb 12 (Canadian-Media): A final on group registration of photographs was recently issued by the U.S. Copyright Office which will take effect on February 20, 2018, Library of Congress (LOC) reports said.
Image credit: Wikimedia Commons
Apart from modification of the earlier procedure of the Office for registering published photographs, LOC's new rule also establishes a similar procedure for registering unpublished photographs.
Applicants seeking a group registration, beginning February 20, 2018, will reportedly be required to use the online applications specifically designated for published and unpublished photographs.
These applicants would also be required to submit a digital copy of each photograph being registered.
These new applications were released on February 7, 2018, to give photographers enough time to familiarize themselves with the new forms before the rule goes into effect.
The Office also prepared help text that provides step-by-step instructions for completing each application for published and unpublished photographs.
As mentioned in the final rule, applicants will be required to prepare and submit a list containing the titles and file names for each photograph in a group, along with a copy of each photograph in the group.
The Office developed templates that may be used to prepare this list.
When the final rule goes into effect on February 20, 2018 a new circular would reportedly be issued by the U.S. Copyright Office to provide more information concerning these group registration options.
In the meantime, photographers may reportedly continue to use the Standard Application or a paper application to register a group of published photographs or a “collection” of unpublished photographs, but the claim must be received by February 19, 2018.
If Standard Application or a paper application form is used on or after February 20, 2018, the Office will refuse registration and instruct the applicant to resubmit the claim using the appropriate form.