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Canada pushing ahead with tax on Big Tech opposed by U.S., Freeland says
(financialpost.com)
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this post was submitted on 19 Jul 2023
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It's not a sales tax, it's a tax on big tech revenue earned in Canada. You won't be paying 3% extra on subscriptions, games, etc
I will believe it when I see it. I hope they implement it proper.
Yes you will. All costs are passed down to the consumer. Including taxes.
If big tech companies could get away with charging you more they'd be doing it already. These are tech monopolies and taxing them is a good thing.
Also, it's a tax on revenue not sales anyway.
They have been increasing prices. They have also removed basic services and account sharing.
It's not taxed on net income, but gross revenue. Semantically, it's a "revenue" tax with the same effect as a sales tax. They collect $100 and get to keep $3. I appreciate the wishful thinking, but it will passed on to customers.
The Canadian solution to every problem is always "more tax".
Well, traditionally it is: Establish a monopoly/monopsony.
But with US companies already entrenched, it is a little late for that. "More tax" is our fallback plan.
So what prices specifically you think might be affected? Oculus Quest and Pixel phones? Cost per ad on Instagram? YouTube Premium monthly subscription?
Good. Then it'll help Canadian companies carve out niches for themselves and contribute back to the Canadian economy.