Mr. Speaker, I thank my colleague for his intervention and for the work he and his party are doing to combat tax evasion and the diversion of profits to tax havens.
Country-by-country reporting is a good initiative that was introduced as part of the OECD's work. However, it is but a very small step in the right direction, and infinitely more needs to be done immediately. There is no need to wait for every country in the world before we take action ourselves. There are things that Parliament could do right now to address this.
For instance, the 750-million euro threshold could be much lower. That is a small step in the right direction, but much more needs to be done right now, including getting rid of the two regulatory amendments that were mentioned.
Canada could be doing much more right now, but it needs to stop deferring to the banks. It needs to stop asking them for substantial assistance in the drafting of tax legislation. We need to represent our constituents and take action now.