Canada Announces ”Digital Tax”
France has it, Germany does not: Canada now also wants to introduce a digital tax and is hoping for billions in revenue. The main goal remains the introduction of a worldwide tax, it is said by Ottawa.
Canada wants to introduce its own digital tax from 2022 until an agreement is reached on global regulation. The Treasury Department announced that it should earn the equivalent of 2.6 billion US dollars over five years.
“Canadians want a fair tax system, one where everyone pays their fair share,” Treasury Secretary Chrystia Freeland told MPs in her autumn economic report. The tax will ensure that large multinational tech companies, like any other company in the country, make a fair contribution. Details are to follow in the draft budget.
This should particularly affect large US corporations such as Facebook and Amazon
Under the umbrella of the industrialized nations organization OECD, almost 140 countries have come together to adapt their tax laws to the digital age. A global minimum tax and a new distribution of which country can tax how much digital services are planned. However, important details are still open and should be clarified by mid-2021. France recently also announced its own digital tax. This should particularly affect large US corporations such as Facebook and Amazon. Even the EU Commission does not rule out going it alone.
Canada Announces ”Digital Tax”
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