The Globe and Mail reports in its Thursday, Oct. 22, edition that National Bank of Canada chief executive officer Laurent Ferreira is calling for an overhaul of the federal tax system, saying it should be "scrapped" and rewritten to attract capital and talent. The Globe's Stefanie Marotta writes that Mr. Ferreira says the tax code is overly complex, burdening companies and especially small businesses, which do not have the resources required to sort through all the rules. Mr. Ferreira has long advocated for tax reform aimed at boosting investment, and Ottawa now seeks to attract foreign capital for critical projects and to diversify away from the United States. Mr. Ferreira is calling on Ottawa to set up a small group of tax experts to write a new tax code. He says the goal should be to create the "simplest, most efficient and most competitive tax jurisdiction of all developed countries." Mr. Ferreira says the government should give the team one year to complete its mandate because decisions on capital allocation move fast, and Canada needs to move faster to attract investment and take advantage of demand for defence and critical minerals. Decades have passed since Canada significantly reformed its tax system.