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Canada rescinds Digital Services Tax
The Street
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2 days ago
The tax would have cost companies like Meta, Google, and Amazon billions of dollars.
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Sports
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00:00
Billions of dollars in digital service taxes avoided.
00:04
Canada decided to scrap its controversial tax on American tech companies just hours before the first payments were due.
00:12
Ottawa said instead it will focus on advancing broader trade negotiations with the United States.
00:17
The reversal comes after U.S. President Trump said over the weekend that he will be terminating all discussions on trade with Canada
00:24
in response to Ottawa's decision to impose the tax, calling it a direct and blatant attack on the U.S.
00:31
The first payments were initially set to be collected on Monday.
00:34
The 3 percent levy would have been slapped on both domestic and foreign tech companies,
00:38
including Meta, Amazon and Google, on the money they make from Canadian users and customers.
00:44
Since it was retroactive to 2022, U.S. companies could have been looking at a $2 billion tax bill.
00:51
Canada's Minister of Finance and National Revenue said, quote,
00:54
rescinding the digital services tax will allow the negotiations of a new economic and security relationship
01:00
with the United States to make vital progress and reinforce our work to create jobs
01:05
and build prosperity for all Canadians.
01:08
That'll do it for your daily briefing from the New York Stock Exchange.
01:11
I'm Caroline Woods with The Street.
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