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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alphabet Inc.    GOOGL

ALPHABET INC.

(GOOGL)
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Delayed Quote. Delayed Nasdaq - 01/15 04:00:00 pm
1727.62 USD   -0.19%
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Canada plans digital tax in 2022 on global tech giants such as Facebook, Google

11/30/2020 | 07:16pm EST
FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration

OTTAWA (Reuters) - Canada plans to impose a tax on corporations providing digital services from 2022 that will stay in place until major nations come up with a coordinated approach on taxation, the Finance Department said on Monday.

The Organisation for Economic Cooperation and Development is working on a common approach to ensure digital behemoths, such as Alphabet Inc's Google and Facebook Inc, pay their share of taxes as the coronavirus hammers budgets.

Canada said it was concerned about a delay in reaching agreement. The threat of digital 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 remain in place until a common approach is agreed upon. The measure would raise federal revenues by C$3.4 billion ($2.6 billion) over five years, starting in the 2021-22 fiscal year.

"Canadians want a tax system that is fair, where everyone pays their fair share," Finance Minister Chrystia Freeland told legislators in the fall economic update.

"Canada will act unilaterally, if necessary, to apply a tax on large multinational digital corporations, so they pay their fair share just like any other company operating in Canada."

More details are due in next year's budget.

Foreign-based vendors with no physical presence in Canada will also have to start collecting sales taxes on products such as mobile apps, online video gaming and streaming. The measure should raise C$1.2 billion over five years.

Ottawa also plans to oblige people renting out short-term accommodation to charge sales taxes, saying popular digital rental platforms do not currently have to impose the taxes. That

puts hotels at a disadvantage, it added.

The government is also clamping down on the award of stock options to prevent "high-income individuals employed at large, long-established, mature firms" from taking unfair advantage.

From now on, a C$200,000 annual limit will apply to stock option grants for those people. Ottawa did not provide a definition of high-income individuals or mature firms.

The rules will not apply to startups or emerging companies, which often cannot afford to pay competitive salaries and instead offer stock options. The new rules will generate about C$200 million in federal revenues, the Finance Department said.

(Reporting by David Ljunggren; Editing by Peter Cooney)

By David Ljunggren


© Reuters 2020
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Financials (USD)
Sales 2020 179 B - -
Net income 2020 35 870 M - -
Net cash 2020 118 B - -
P/E ratio 2020 33,6x
Yield 2020 -
Capitalization 1 171 B 1 171 B -
EV / Sales 2020 5,89x
EV / Sales 2021 4,81x
Nbr of Employees 132 121
Free-Float 90,3%
Chart ALPHABET INC.
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Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 45
Average target price 1 932,17 $
Last Close Price 1 727,62 $
Spread / Highest target 30,2%
Spread / Average Target 11,8%
Spread / Lowest Target -28,4%
EPS Revisions
Managers and Directors
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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