Ottawa still plans to unilaterally impose its own digital services tax starting Jan. 1, 2022
This translation has been automatically generated and has not been verified for accuracy.Finance Minister Chrystia Freeland speaks during a news conference on Parliament Hill in Ottawa on April 19, 2021. She wouldn’t say if any Canadian companies would face the proposed new tax formula during a media call following the G7 finance ministers meeting on June 5, 2021.
“We’ve shown today that it is possible to end the global race to the bottom on taxation and this world’s leading liberal democracies are able to work together in the common interest,” Ms. Freeland said in a media call from London. U.S. Treasury Secretary Janet Yellen said the proposal “provides tremendous momentum” for reaching a global deal that “would end the race-to-the-bottom in corporate taxation and ensure fairness for the middle class and working people in the U.S. and around the world.
“We understand that this whole idea works only if we get the broadest possible group of countries to sign on and for that to happen they need to have a say as well,” said Ms. Freeland, who is also deputy prime minister. Facebook vice-president for global affairs Nick Clegg said the deal is a big step toward increasing business certainty and raising public confidence in the global tax system, but acknowledged it could cost the company.
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