EU ready to hit big U.S. tech firms with 3 percent turnover tax
Posted in: Government & Policy at 16/03/2018 22:51
Large companies with significant digital revenues in the European Union such as Google and Facebook could face a 3 percent tax on their turnover under a draft proposal by the European Commission seen by Reuters.
The proposal, expected to be adopted next week and still subject to changes, updates an earlier draft which envisaged a tax rate of between 1 and 5 percent.
Google, Apple face EU law on business practices
Online platforms such as Google, Apple and Amazon face new European Union rules on their commercial practices with smaller businesses that use their services, as Brussels seeks to curtail their huge market power.
The European Commission is drafting a new regulation specifically targeting online platforms such as e-commerce sites, app stores and search engines that will require the companies to be more transparent about how they rank search results and why they delist some services.