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Canada rescinds digital services tax to advance stalled US trade talks
The Star
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yesterday
Canada scrapped its digital services tax targeting U.S. technology firms late on June 30. It's making a bid to advance stalled trade negotiations with the United States.
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00:00
Canada scrapped its digital services tax-targeting American tech firms late on Sunday, just hours
00:08
before it was due to take effect.
00:10
The finance ministry said it will soon bring forward legislation to rescind the Digital
00:15
Services Tax Act.
00:17
The ministry said the tax was announced in 2020 to address the issue where many technology
00:23
companies operating in Canada may not otherwise pay tax on revenues generated from Canadians.
00:29
The government said both Canada and the United States will resume trade negotiations in order
00:35
to agree a trade deal by July 21.
00:38
The U.S. administration abruptly called off trade talks on Friday over the tax, saying
00:44
that it was a blatant attack.
00:47
They had pledged to set a new tariff rate on Canadian goods within a week, and this has
00:51
threatened to push U.S.-Canada relations back into chaos after a period of relative calm.
00:57
Canada's planned digital tax was 3% of the digital services revenue a firm takes in from
01:04
Canadian users above $20 million in a calendar year, and payments were to be retroactive
01:11
to 2022.
01:14
Canada is the second-largest trading partner for the U.S. It bought US$349.4 billion of
01:22
American goods last year, and exported US$412.7 billion worth of goods to the U.S.
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