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

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.


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  • (Score: 2) by takyon on Thursday March 22 2018, @08:53PM

    by takyon (881) <reversethis-{gro ... s} {ta} {noykat}> on Thursday March 22 2018, @08:53PM (#656859) Journal

    I respect Musk for SpaceX, Tesla is overvalued and underperforming while the hyperloop is crazy town.

    If you think Tesla is overvalued now, wait until you hear about Musk's obscenely large package.

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