The Shotgun Blog
Sunday, April 03, 2005
Pirate Of 24 Sussex
In the ethical seas over which Captain Martin Of Canada Steamship Lines sails, "blind trust" means a patch over one eye.
Canada had signed a double taxation treaty with Barbados in 1980 when the corporate taxes of both countries were roughly comparable. But in 1991, Barbados created a new class of offshore company, the "Barbados international business corporation," whose tax rate would be 1%-2.5%. This created for Canadians, if they routed their business through a Barbados company, a 10-fold savings in taxes.
The auditor general of Canada, in her report of December, 2002, noted that $1.5 billion in taxes was being lost to the Canadian economy annually as a result of this agreement, and she called for a rewriting of the rules. She noted that all of these concerns had been present since 1992 -- throughout the period when Martin was finance minister, but he made no changes.
Martin's hypocrisy again was shown by his announcing in his first budget of February 1994 that he would tighten the regulations allowing Canadian companies to bring dividends of foreign affiliates back to Canada tax-free from a number of countries. But Barbados remained exempt. This allowed Canadian companies, including CSL, to avoid hundreds of millions of dollars in Canadian taxes by moving their foreign affiliates to Barbados.
Martin's action did close certain tax havens, such as Liberia: CSL subsequently moved seven Liberian-registered ships to Barbados, where the tax haven continued.
The fact that Martin has since transferred his controlling interest in CSL to his sons did nothing to prevent this conflict-of-interest situation continuing.
Canadian companies are now stashing more money into offshore tax havens than ever. Between 1990 and 2003, the amount soared from $11 billion to $88 billion, according to a Statistics Canada report last month.
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Tracked on 2005-04-03 1:49:54 PM
Tracked on 2005-04-05 10:12:31 PM
This is what happens when you select a corporate CEO to be your political leader.
Like the flag. I've always said the Canadian "rag" served no purpose but to protect corporate greed.
Well done, Toronto - this is your fault.
Posted by: Scott | 2005-04-03 11:54:51 AM
This is what happens when you have a docile public and press that lets such obvious conflicts pass with hardly a whimper.
Even the nominally right of center "National Post" editorials and pundits defended Martin's "arrangement".
What a farce!
Posted by: JR | 2005-04-03 12:51:14 PM
Zimbabwe of North America
Posted by: Cheesehead Ken | 2005-04-03 1:17:42 PM
I often wonder how the Libs keep getting elected and then I see someone like RM blow of what is clearly a major conflict of interest and possible corruption , and I wonder no more.
What a craphole my former country is becoming.
People like Robert deserve to be ruled by the Liberals , so they don't have to think too hard.
Posted by: Cheesehead Ken | 2005-04-03 1:25:44 PM
Scandle after scandle after scandel and some of the raving moonbats continue to defend.
Could it be there on the recieving end of the moonbat thievery, there world is collapsing and they may have to take a flight back to moonbatland to maintain there existance.
Coming sooner then they think....the collapse of the LLL empire is upon them.
Posted by: rob | 2005-04-03 5:08:02 PM
See the In DC Journal Blog for its classic series about Moonbat research in the DC area.
It's hysterical. Be sure to read all 4 parts.
Posted by: Scott | 2005-04-03 5:36:02 PM
That was extremely great!!! A perfect description of moonbat migration and a feeding frenzy. I'm surprised he made it out alive.
Posted by: rob | 2005-04-03 6:16:10 PM
If you liked that, try this:
They weren't happy that President Bush was re-elected. Of course I'm sure they don't like a lot of things.
Posted by: Scott | 2005-04-03 6:48:25 PM
Here's more. They're, uh, er, interesting.
Posted by: Scott | 2005-04-03 6:52:27 PM
Now I could be mistaken, but those two nudie fellows carrying signage and leading the parade wouldn't be J.G. and R.M. - Nah - they wouldn't would they........
Posted by: mr | 2005-04-03 7:36:53 PM
Posted by: rob | 2005-04-03 7:39:00 PM
A man such as Mr.Martin says he has the best interests of my country at heart,how can this be with the kicking of Canadian crews of his sgips,avioding taxes and then can you imagine,he flys the flag of any country of convience on his business.
Throw him and his crew to a country of our convience soon.Put them in jail or something.
Canada was and still will be the greatest country,but with people like the liberals and especially Paul Martin,we will soon find ourselves in in the toilet of world governemts.
Posted by: Billy | 2005-05-02 9:40:05 AM
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