Reported 1 day ago
A newly proposed US bill, dubbed the 'revenge tax,' aims to impose higher tax rates on income from countries considered to have unfair tax regimes, impacting allies such as Canada, the UK, France, and Australia. Specifically targeting nations that enforce digital services taxes on large tech firms, the measure could lead to significant additional taxes for Canadian investors and institutions, possibly costing them up to C$81 billion over seven years. Critics argue that this legislation undermines longstanding tax treaties and may ignite a global tax conflict.
Source: YAHOO