Mar 21, 2018
Technology giants face European 'digital tax' slug
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. 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. 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. The tax would also only apply to certain online revenue streams - such as from online advertising in search engines or social media, online trading, or the sale of user data. Ireland has warned that the proposals may not yield more tax, while some countries believe smaller companies should also face a bill.
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