Mr. Speaker, a number of steps were taken subsequent to 1992, including in 1995 with the amendment of the so-called FAPI rules, foreign accrual property income rules. In 1996 foreign reporting requirements were implemented. In 1997 transfer pricing rules that were approved in Canada have the potential for cross-border shifting of income. In 2002 revised rules relating to foreign investment entities and non-resident trusts were prepared.
There were a lot of recommendations in the 1997 corporate tax review, most of which the hon. member would have advised against.