The opposition vigorously denounced the latest acquisition of the Caisse de depot et placement du Québec (CDPQ), which has just got its hands on a free zone in Dubai, where taxation is zero for businesses.
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“It doesn’t make any sense. It’s a total aberration, ”launched PQ MP Martin Ouellet, finance spokesperson, in an interview with the Journal.
According to him, the message that is sent to Quebecers and CDPQ depositors is that performance takes precedence over ethics.
“We say: listen, to help you make money, we are ready to pound on our principles and go to places with zero taxation, it is totally unacceptable. I think citizens should be outraged,” he thundered.
“It is embarrassing that a public institution of this importance buys shares in a free zone which encourages tax havens. Does the CAQ find this acceptable? “, wondered the united deputy Ruba Ghazal.
According to her, the CAQ government should hold the CDPQ to account. “The Minister of Finance must call the Caisse to order and impose ethical criteria on its investments,” she stressed.
“I think the government should ask the fund to file its withdrawal plan (from tax havens),” added Mr. Ouellet.
When this article was put online, the CAQ government had still not reacted to the CDPQ’s announcement.
Yesterday, the institution announced a major investment of $6.3 billion, together with a partner from Dubai, in a joint venture that will own the port of Dubai and an industrial park.
But the Caisse is also acquiring shares in the Jebel Ali free zone, “the largest in the Middle East” where there are 150 “Fortune 500” companies.
However, this free zone, which is similar to a tax haven, has already attracted 8,700 companies with advantageous taxation and a lenient regulatory environment.
On the Jebel Ali website, consulted by Le Journal, it promises “0% corporate tax for 50 years” and “0% personal income tax”.
In the past, boss Charles Emond had however castigated companies that did not pay their fair share of their taxes.
