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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

1. "takyon" - https://soylentnews.org/~takyon/
2. "Technology giants face European 'digital tax' blow" - http://www.bbc.com/news/business-43486403
3. "Reuters" - https://www.reuters.com/article/us-eu-tax-digital/eu-proposes-online-turnover-tax-for-big-tech-firms-idUSKBN1GX00J
4. "WSJ" - https://www.wsj.com/articles/tech-giants-face-hundreds-of-millions-in-new-taxes-under-eu-proposals-1521633149
5. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=25497

printed from SoylentNews, EU Prepares Additional Taxes for Tech Giants on 2024-04-19 02:05:41