"Had the digital services tax not been halted, US tech giants would have been liable for about $3 billion in upfront payments along with a 3% levy on revenue from digital services connected to Canadian users."
"The Computer & Communications Industry Association warned that Canada's digital services tax could lead to annual losses of between $900 million and $2.3 billion for US firms and might result in up to 3,000 job losses."
"Canada's Parliamentary Budget Officer estimated that the digital services tax would have generated approximately CA$7.2 billion in revenue over five years, which converts to about $5.29 billion."
"Francois-Philippe Champagne will introduce legislation to officially rescind the digital services tax, which was suspended following a trade threat from President Donald Trump."
Canada's plans for a digital services tax were abandoned after President Trump threatened to end trade discussions. The tax could have cost US tech firms around $3 billion upfront, along with a 3% tax on revenue from Canadian users' digital services. Estimates indicated it might lead to annual losses between $900 million and $2.3 billion for US companies, potentially resulting in up to 3,000 job losses. The Canadian government projected the tax would generate CA$7.2 billion over five years before rescinding it due to the trade threat.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]