Canada’s government is to propose a tax on corporate stock buybacks | Forexlive

Canadian Press carry the report saying that Prime Minister Trudeau’s government will propose a tax on corporate stock buybacks.

The intention is to encourage companies to invest in domestic operations and workers.

The story cites an unnamed government official and didn’t provide any further details on the plan. Its expected as part of the budget update. This will be released Thursday, 3 November 2022 by Finance Minister Chrystia Freeland.

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Bloomberg News says it was told the report was accurate. Bloomberg cited an unnamed government official.

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The US set a 1% excise tax on corporate share buybacks as part of the Inflation Reduction Act.