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Paramount Global-B Newsroom
The latest counterattack against Canada's new tax policy, Netflix (NFLX.US) and Paramount (PARA.US) refuse to be taxed to support local news industry.
According to the Smart Finance APP, the American streaming giant is requesting that the Canadian court revise Prime Minister Justin Trudeau's 5% new tax on its revenue in Canada to cancel the requirement for funding local news.
Streaming media giants challenge new revenue sharing regulations in Canada.
Global streaming companies are challenging Canada's new regulations requiring them to pay for local news. The Canadian Radio-television and Telecommunications Commission (CRTC) announced in June of this year that major online streaming services must allocate 5% of their Canadian revenue to support the domestic broadcasting system, including news production.
Netflix, Disney Ask Canada Appeal Court to Stop Proposed Tax on Streaming Revenue -- Update
Netflix, Walt Disney, and other U.S. streaming companies have asked a Canadian court to stop plans by authorities to force them to fork over 5% of their sales in the country to help finance local broadcast news and other domestic content.
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Netflix, Disney Ask Canada Appeal Court to Stop Proposed Tax on Streaming Revenue
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M&A News: New Paramount (NASDAQ:PARA) Deal Already Showing Signs of Uncertainty
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Paramount Stock and Bonds Snapped up on Report Deal With Skydance Is Back on
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Redstone, Skydance Reportedly Reach New Paramount Deal, but 'Whole Lot of Uncertainty' Remains