Liberals Propose New Tax Plan That Will Target Tech Giants in Canada
Big internet and tech companies may find themselves shelling out more in taxes if the Liberal Party wins another term.
As part of the 2019 Liberal platform which was unveiled by Justin Trudeau today, the party has announced multiple ways it intends to generate new revenue via taxation while making taxes more fair.
One of these methods includes ensuring that multinational tech giants are paying corporate tax on the revenue they generate in Canada.
"We will also work to achieve the standard set by the Organisation for Economic Co-operation and Development (OECD) to ensure that international digital corporations whose products are consumed in Canada collect and remit the same level of sales taxation as Canadian digital corporations," according to the fiscal plan section of the platform.
If multinational tech giants are taxed accordingly, the government expects to generate massive revenue over the four years of its potential second term -- approximately $540 million in the first year, upwards of $600 million in the second and third year, and $730 million in the fourth year.
Altogether, that comes up to at least $2.5 billion in new revenue over a four-year term.
The party also plans to crack down on corporate tax loopholes that allow companies to reduce the tax they pay, and introduce a new 10 per cent tax on luxury cars, boats, and personal aircraft over $100,000, among other methods.
To view their full fiscal plan, click here.
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