In a statement, the Canadian Association of Petroleum Producers said the disparity with U.S. policy could funnel investor interest out of Canada and towards lower-tax jurisdictions.“The 2% tax rate is double than 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,” it said.
“It’s truly tragic. The way forward should be based upon serious energy policy focused on things that will help encourage investment and increase supply – i.e. stable and well understood regulatory approval processes would be a good start. But higher taxes? Higher taxes have never been a path to increasing the supply of anything,” he said in an email.“It’s a pretty straight forward fact pattern. So am I thrilled? Nope. Will the world end? Nope.
Any tax gets passed down to the consumer oil companies will cut jobs to make up the shortfall
how about a windfall tax on education workers ?
Classic Liberal move, tax and spend instead of finding obsolete programs
Should have been 5% but only for energy companies and gold miners.
The ministry of finance estimates this will add $2.1 billion of revenue over 5 years. $500 million a year - it’s a rounding error so that JustinTrudeau can say he’s going after the evil corporations. Again no substance from our drama teacher cosplay prime minister.
It’s a terrific idea… but unfortunately the tax rate is way too low to end or curtail buybacks (f/k/a stock manipulation)….
This is not going to work--the oil companies will buy each other's stock--exactly like the big banks do to avoid this--may bring more M&A in the oil field
This is mainly directed at the Canadian Oil and Gas industry. The industry that was left for dead in 2020.
If we have learned nothing else about Liberals and National Economic Policy, we now know it hinges on increasing Taxation and all forms of same to benefit solely..... Ottawa !
Just another tax grab by Justin!
In this rate environment, now we want them to not tax buybacks. This policy would have been impactful from 2013 - 2022. Now, we need the liquidity in the markets
They do not want investment in traditional engery. We are the country who will be able to breath but not eat.
I'm sure corporate creative accountants can figure ways around it.....fking Joe public is their forte.......
let's destroy what seniors rely on for their investments to grow, yeah that's smart. How about we create something, instead of always blaming and taking all the time. losers I tell you.
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