Tax & Trade Blog

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加拿大延长附加税措施

财政部确认将延长钢铁附加税及相关减免措施

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CANADA EXTENDING SURTAX REGIMES

DOF CONFIRMS EXTENSIONS INCOMING ON STEEL SURTAXES & RELATED RELIEF

For the English Version of this Report, please click here.

加拿大财政部（“DOF”）近日发布新闻稿，确认加拿大将延长若干钢铁附加税措施及针对进口钢铁产品的横向关税减免措施。延长这些措施的目的是为了“保护钢铁工人和行业免受钢铁贸易转移的影响”并“为生产商和进口商提供商业可预测性和更长期的确定性”。

在本期《钢铁行业法律评论》中，我们将介绍哪些附加税措施及税款减免类别预计将在近期获得延长。

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CANADA EXTENDING SURTAX REGIMES

DOF CONFIRMS EXTENSIONS INCOMING ON STEEL SURTAXES & RELATED RELIEF

Download a PDF copy of this Blog here.

A recent Department of Finance Canada (“DOF”) news release has confirmed that Canada will be extending certain steel surtaxes and horizontal tariff relief for imported steel goods. The putative aim behind these extensions is to “defend steel workers and industry against steel trade diversion” and “provide producers and importers with greater business predictability and longer-term certainty”.

In this Steel Industry Report, we review which surtaxes and remission categories are set to be extended in the near future.

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CANADA'S THIRD-PARTY STEEL SURTAX

HIGH SURTAX RATES APPLY FOR STEEL IMPORTS ABOVE QUOTA LIMITS

As a follow up to our Steel Derivative Surtax Report here, over the recent Christmas holidays Canada also quietly amended the Surtax on the Importation of Certain Steel Goods (the “3P Steel Surtax”) and put in place a Remission Order for the same over the holiday period.

In this report, we report on the application of the 3P Steel Surtax, highlighting the tonnage tariff rate quota (“TRQ”) rules, import permit requirements, and relief available surtax exceptions and the Remission Order.

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CANADA'S BANDAID APPROACH TO TARIFFS

EXTENSION OF REMISSION SHOULD BE REPLACED BY REMOVAL OF ALL TARIFFS

While Prime Minister Carney was recently quoted saying there will be no tariffs imposed on US imports, Canada’s remaining tariffs (technically “surtaxes”) on US steel and aluminum and some automotive goods continue to be source of significant economy pain for the remaining industrial businesses left in Canada’s economy.

Even with the recent announcement from the Department of Finance Canada (“DOF”) that remission relief from the tariffs will be extended an additional two months and enhanced, the best course of action in the circumstances would be to tear the “bandaid” right off and eliminate ALL retaliatory tariffs in one fell-swoop.

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TARIFF RELIEF 101

CANADA'S REMISSION PROCESS MAY LESSEN BURDEN FOR BUSINESSES

Despite the fact that President Trump agreed to a further moratorium on his Trump Tariffs on Canadian goods until April 2, 2025, Canada’s initial round of Retaliatory Tariffs STILL remains in effect! (?)

Businesses affected by Canada’s Retaliatory Tariffs are likely seeking relief from their financial effects and the Canadian government has outlined a remission process that may provide such relief. 

Understanding what a remission order is and how one can request remission from Canadian imposed tariffs may provide businesses with a financial lifeline in the current climate of a turbulent trade war.