The new tax would come into effect on Jan. 1,2022, and remain in place until a common approach is agreed upon. The measure would raise federal revenues by C$3.4 billion ($2.6 billion) over five years, starting in the 2021-22 fiscal year.
OTTAWA: Canada plans to impose a tax on corporations providing digital services from 2022 that will stay in place until major nations come up with a coordinated approach on taxation, the Finance Department said on Monday.
The Organisation for Economic Cooperation and Development is working on a common approach to ensure digital behemoths, such as Alphabet Inc's Google and Facebook Inc, pay their share of taxes as the coronavirus hammers budgets.
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