Canada taxes Tech giants



Canada's Finance Minister Chrystia Freeland said that the country will unilaterally impose a tax on technology "giants", starting from January 1, 2022.

It is reported that the above announcement comes after the Group of the world's most developed economies (G7) agreed to support a minimum tax of 15% to be applied to businesses on a global scale. The goal is to prevent multinationals from evading taxes by reporting profits in countries with low tax rates.

Canada taxes Tech giants

Canada taxes Tech giants / ph: pexels

 The G7 also endorsed proposals to make the world's biggest companies - including US-based tech giants - pay taxes in countries where they have a lot of revenue despite not having a headquarters.

According to Ms. Freeland, it is important for Canada to establish a minimum floor for corporate tax. Similar measures have been taken in the UK, France and Italy.

Canada taxes Tech giants

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