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UPDATE 2-Canada designs digital tax in 2022 on world tech giants this sort of as Facebook, Google

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OTTAWA, Nov 30 (Reuters) – Canada designs to impose a tax on corporations giving digital providers from 2022 that will stay in position right until main nations appear up with a coordinated tactic on taxation, the Finance Department reported on Monday.

The Organisation for Financial Cooperation and Advancement is functioning on a prevalent approach to ensure electronic behemoths, this kind of as Alphabet Inc’s Google and Fb Inc, pay back their share of taxes as the coronavirus hammers budgets.

Canada reported it was anxious about a hold off in reaching agreement. The menace of digital expert services taxes has prompted threats of trade retaliation from outgoing U.S. President Donald Trump’s administration.

The new tax would come into effect on Jan. 1, 2022, and continue being in place till a popular method is agreed upon. The measure would raise federal revenues by C$3.4 billion