EU plans new tax for tech giants up to 5 percent of gross revenues

Posted in: Government & Policy at 28/02/2018 19:03

The European Commission wants to tax large digital companies' revenues based on where their users are located rather than where they are headquartered at a common rate between 1 and 5 percent, a draft Commission document showed.

The proposal, seen by Reuters, aims at increasing the tax bill of firms like Amazon, Google and Facebook that are accused by large EU states of paying too little in tax by re-routing their EU profits to low-tax countries such as Luxembourg and Ireland.

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