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EU Prepares Additional Taxes for Tech Giants

posted by mrpg on Thursday March 22 2018, @03:20PM   Printer-friendly
from the plus-d'argent dept.

takyon writes:

Technology giants face European 'digital tax' blow

Big technology firms face paying more tax under plans announced by the European Commission. It said companies with significant online revenues should pay a 3% tax on turnover for various online services, bringing in an estimated €5bn (£4.4bn). The proposal would affect firms such as Facebook and Google with global annual revenues above €750m and taxable EU revenue above €50m.

The move follows criticism that tech giants pay too little tax in Europe. EU economics affairs commissioner Pierre Moscovici said the "current legal vacuum is creating a serious shortfall in the public revenue of our member states". He stressed it was not a move against the US or "GAFA" - the acronym for Google, Apple, Facebook and Amazon. According to the Commission, top digital firms pay an average tax rate of just 9.5% in the EU - far less than the 23.3% paid by traditional companies.

Also at Reuters and WSJ.

Original Submission

 
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  • (Score: 2, Insightful) by khallow on Thursday March 22 2018, @06:20PM (1 child)

    by khallow (3766) Subscriber Badge on Thursday March 22 2018, @06:20PM (#656756) Journal
    I think a huge sign of the problem with the alleged social contract is that if people had the power to dispute the contract, they would do so in part or in total.
    Starting Score:    1  point
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  • (Score: 3, Interesting) by fritsd on Thursday March 22 2018, @07:18PM

    by fritsd (4586) on Thursday March 22 2018, @07:18PM (#656799) Journal

    I think a huge sign of the problem with the alleged social contract is that if people had the power to dispute the contract, they would do so in part or in total.

    That's true: you have the right of peaceful demonstration against your government. And if they're smart, they'll listen, because it takes a lot of inertia to get people out on the streets.

    Did you use it, when the Republican administration signed their "reverse Robin Hood" law [wikipedia.org]? If not, does that mean you're happy with that law? If you don't speak up then you won't be heard.