- The Department of Finance (Finance) has announced that, effective 1 October 2024, the Government of Canada intends to implement a 100% surtax on all Chinese-made electric vehicles (EVs). The federal government also intends to apply a 25% surtax on imports of steel and aluminum products from China, effective 15 October 2024.
- Furthermore, Finance announced a 30-day consultation period, from 10 September 2024 to 10 October 2024, on potential surtaxes in response to Chinese trade practices in critical manufacturing sectors related to EV production.
- This Tax Alert provides an overview of these announcements and how they may impact businesses.
Source EY
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