Canada revokes digital services tax, sees broader trade talks with US
The DST was announced in 2020 to address the fact that many large technology companies operating in Canada may not otherwise pay tax on revenues generated from Canadians.
Canadian Finance Minister Francois-Philippe Champagne has announced that his country would rescind its digital services tax in anticipation of a mutually-beneficial comprehensive trade arrangement with the US. In a statement, Ottawa announced that Canadian PM Mark Carney and US President Donald Trump have now agreed to “resume negotiations with a view towards agreeing on a deal by July 21, 2025.â€
'Canada's preference has always been a multilateral agreement related to digital services taxation. While Canada was working with international partners, including the United States, on a multilateral agreement that would replace national digital services taxes, the DST was enacted to address the aforementioned taxation gap,' an official statement from the Canadian department of finance said.
The statement announced that Canadian Prime Minister Mark Carney and US President Donald Trump have now agreed to 'resume negotiations with a view towards agreeing on a deal by July 21, 2025.'
Carney has been clear that Canada will take as long as necessary to achieve that deal.
The digital tax collection will be halted today, and Champagne will soon bring forward legislation to rescind the Digital Services Tax Act.
Fibre2Fashion News Desk (DS)
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