Tuesday, December 1, 2020
It’s about “fair share”
Canada announces digital tax
France has it, Germany does not: Canada also wants to introduce a digital tax now and is expecting billions in revenue. The main goal is the introduction of a worldwide tax, it is said to be from Ottawa.
Canada wants to implement its own digital tax from 2022 until a global regulation is reached. The Treasury Department announced that it should earn US $ 2.6 billion in five years.
“Canadians want a fair tax system, one where everyone pays their fair share,” Treasury Secretary Christia Freeland told lawmakers in their autumn economic report. The tax will ensure that large multinational tech companies, like any other company in the country, contribute appropriately. Details are to be drafted in the budget.
Under the umbrella of the Organization of Industrial Countries OECD, around 140 countries have come together to adapt their tax laws in the digital age. How many digital services can a global minimum tax and which country a new distribution plan. However, important details are still open and should be clarified by mid-2021. France also recently announced its digital tax. This should especially affect large US corporations such as Facebook and Amazon. Even the European Union Commission does not refuse to do it alone.
