Industry, business groups warn share buyback tax will hurt investment

and income generated by the energy sector, which finds itself the target of a new windfall tax in disguise.”

Lisa Baiton, CAPP’s president and chief executive officer, said in a statement the fossil fuel industry is concerned because the 2-per-cent rate is double what is being considered in the United States, “and may have the unintended effect of discouraging investment into Canadian-run businesses while putting the shareholder returns of Canadian investors at risk.”

“When considering buybacks or any investment in capital, the most important thing for us is to ensure the investment will not compromise our balance sheet and maintain the financial flexibility necessary to execute on our growth strategy,” the company said in an e-mail.

The oil and gas sector has executed billions of dollars in share buybacks this year, riding high on record profits due largely to sky-high commodity prices in the wake of Russia’s invasion of Ukraine.

I agree. The 2% tax is outrageous. It should be at least 25%, to have a decent beneficial effect.

How? This tax would encourage them to invest in their business rather than buying back shares.

Hahaha go fuch yourself millionaires

i agree, which is why we should do it and then nationalise any company that fucks around

OK, thanks. Now could you tell me what the wolf thinks of the hen-house security?

'People robbing the working class warn that they'd like to keep robbing the working class'

They can always issue a Special Dividend or increase their Dividend altogether.

Then it’s a start

Ban it entirely

These yods will say anything for their next fix of filthy lucre.

Just giving that boot the absolutely best sloppy toppy money can buy.

that's literally the opposite of what it does

😂😂😂 Richie Rich the Poor Little Rich Boy. The wealthy don’t want to lose out on money so they’re “warning” of less investment. Ffs capitalism is such a scam and the globe and mail is a joke.

Lol - the greedy don't want to pay their share. Hana

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