08:45:47 EDT Sat 18 May 2024
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Meta CDR (CAD Hedged)
Symbol META
Shares Issued 5,100,000
Close 2023-09-21 C$ 16.73
Market Cap C$ 85,323,000
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FP says Meta, rivals hear new digital tax panned

2023-09-21 08:41 ET - In the News

Also In the News (C-AMZN) Amazon.com CDRs (CAD Hedged)
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The Financial Post reports in its Thursday edition that in a letter Tuesday, 41 members of the House Ways and Means committee called Canada's unilateral digital services tax unusually aggressive and discriminatory against U.S. companies and workers who would bear the burden of this new tax. The Post's Anja Karadeglija writes that the warning comes two months after the Liberal government confirmed it would to go ahead with the tax, even though 138 other countries and jurisdictions agreed to delay similar measures of their own. The Liberals took that move amid an ongoing conflict with Alphabet's Google and Meta over legislation that would force them to share revenues with news publishers. The digital services tax targets large companies that operate on-line marketplaces, social media platforms and earn revenue from on-line advertising, such as Amazon, Google, Facebook, Uber and Airbnb. It is estimated it will bring in $3.4-billion over five years. If implemented, it would be retroactive to 2022, leaving the Big Tech companies with a $1-billion bill. The Canadian tax is an alternative to a multilateral process at the OECD, meant to replace unilateral digital services taxes established by individual countries.

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