Canada MOF Seeks Feedback on Draft Invoice to Introduce Luxury Items Tax On account of Coronavirus

Daily Tax Report: International

Aug. 13, 2021, 5:00 AM

The Canadian Department of Finance Aug. 10 opened a consultation on a draft bill to introduce a luxury goods tax, due to the coronavirus pandemic. The draft bill includes measures that would: 1) impose a tax on the retail sale of new luxury cars and aircraft priced over C$100,000 (US$79,765) at the lesser of 10 percent of the car or aircraft’s full price, or 20 percent of the excess over C$100,000; 2) impose a tax on the retail sale of new luxury boats priced over C$250,000 (US$199,413) at the lesser of 10 percent of the boat’s full price, or 20 …