On June 6, TEI submitted comments to the Canadian Prime Minister and Minister of Finance regarding proposed new Code Section 899 of the One Big Beautiful Bill Act.
Section 899 would impose retaliatory US taxes on companies and individuals from countries that impose certain “unfair” taxes on US companies and individuals, such as a digital services tax or a tax under the undertaxed profits rule. TEI’s comments focused on the negative impact Section 899 would have on Canadian companies should it be enacted into law.
TEI’s comments were prepared under the aegis of its Canadian Income Tax Committee, chaired by Sandy Shanks. Benjamin R. Shreck, TEI tax counsel, coordinated the preparation of TEI’s comments.
To read the comments, click here.
