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OTTAWA — The Senate’s banking committee is urging the Trudeau government to take big steps on taxation that include introducing immediate corporate tax cuts to ease competitiveness concerns and revamping the whole tax system.

In a report Tuesday, senators called on the federal Liberals to launch a royal commission on taxation with a goal of finding ways to improve the system’s efficiency, simplicity and international competitiveness. They want a study completed within three years.

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In the meantime, the committee members also recommended the government act quickly to entice more companies to invest in Canada — with changes such as slashing the corporate tax rate and temporarily allowing firms the full and immediate writeoff of capital spending.

“The committee is of the view that a royal commission on taxation may take several years to complete and that the situation in Canada is such that urgent action is needed,” said the report.