moved for leave to introduce Bill C-472, an act to amend the Income Tax Act (deductibility of fines).
Mr. Speaker, I am happy to introduce for first reading today this bill which calls for an amendment to the Income Tax Act to put an end to what I believe is an outrageous situation where fines, penalties and levies can be written off income tax by businesses as legitimate business expenses.
I believe that the public is shocked at this situation. Parliament should act because the Supreme Court directed in fact that if Parliament does not intend to allow fines to be business deductions, then Parliament should clarify the Income Tax Act to put an end to this situation.
By the same logic no one should benefit from a wrongdoing and it undermines the deterrent value of a fine if a business can write it off as a legitimate business expense.
(Motions deemed adopted, bill read the first time and printed)