Posted 10/17/2023, 5:07:11 PM
Canada Doubles Estimate of Revenue from Proposed Tax on Big Tech Companies
- Canada's proposed 3% tax on digital services revenues over $20M expected to raise $7.2B over 5 years, double previous estimate
- Tax targets large online companies like Amazon, Google, Facebook, Uber, Airbnb
- Tax meant as temporary measure until OECD deal reached, but U.S. now says it won't meet deadline
- U.S. previously warned of retaliation if Canada implements tax before OECD pact
- Estimates come with "high degree of uncertainty," businesses likely to adjust services and prices