Global tax accord could earn Canada up to $4.5 billion per year, says Freeland
CBC
Finance Minister Chrystia Freeland says Canada stands to collect as much as $4.5 billion dollars a year through a landmark deal involving 136 countries that will require the world's largest corporations to pay more in taxes.
It's the first time she's released a revenue estimate from her department since the deal was reached a week ago. It comes just as some critics of the deal are suggesting Canada would do better if it went ahead with the digital services tax set out in Freeland's April budget.
"There are still some final details being hammered out, so the numbers I'm giving you are not exact," Freeland said in an interview with CBC's The House airing Saturday.
"Having said that, the best calculation the Department of Finance has right now is that when this deal comes into force, it will be worth $4.5 billion in additional revenue for Canada every year."
Under the agreement reached at the Organization for Economic Cooperation and Development, many of the world's biggest multinational companies will be required to pay a minimum corporate tax rate of 15 per cent in 2023.
Starting in 2024, the agreement will also require multinational companies — particularly digital giants such as Amazon, Facebook and Google — to pay taxes on profits in the countries where they are earned, even if they have no physical presence there.
Critics of the deal have argued Canada would raise more money under Freeland's proposed 3 per cent tax on revenues from those digital services. That tax, which was to kick in next year, is being put on hold as talks continue on finalizing the global deal.
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