Italy Latest To Slap Internet Giants With 'digital Tax'
Daniyal Sohail Published October 16, 2019 | 10:04 PM
Italy is to slap internet giants such as Amazon and Google with a three-percent tax, according to the proposed budget it submitted to the European Commission on Wednesday
The tax would be applied to companies with sales of over 750 million Euros ($830 million), of which at least 5.5 million euros come from services provided in Italy, according to Italian media reports.
The move would bring around 600 million euros into state coffers annually from 2020, according to Italian finance ministry calculations made last year.
The tax is similar to one launched in France, which has generated friction with the United States.
That tax prompted US President Donald Trump to threaten to retaliate with tariffs on French wines.
Italian media reported on Tuesday that a Trump administration official had threatened to hit back at Italy with similar levies.
Italy, like France, has said it would scrap its own digital tax once a new international levy, currently being discussed in negotiations led by the OECD, is put into place.
Under EU law, American tax giants can declare their profits from across the bloc in a single jurisdiction -- in practice most do so in low-tax jurisdictions such as Ireland or the Netherlands.
The French tax has drawn accusations of discrimination from US tech companies such as Google and Apple.
Britain has also announced plans for a tax on tech giants, accused of exploiting fiscal rules to sharply cut their tax bills despite soaring profits.
The OECD earlier this month relaunched negotiations on a global accord and said it hoped for a "political agreement" by June.
Related Topics
Recent Stories
Saka and Odegaard start for Arsenal, Guerreiro in Bayern midfield
Qatar PM says re-evaluating Israel-Hamas mediation role
Govt spokesperson terms allegations of PTI's Marwat against Saudi Arabia 'heinou ..
Minister appreciate UAE’s support for Pakistan economic challenges
Manchester City v Real Madrid Champions League starting line-ups
MIGA's support Pakistan in attracting foreign investments: Federal Minister for ..
Walker returns to captain Man City for Real Madrid clash
Action taken against price list violations in Khanewal district
DC chairs review meeting of DEG
Turkey accuses Israel's Netanyahu of using war 'to stay in power'
Pakistan ranked 5th most vulnerable country to climate change. Tirmizi
Nadal comeback ends in Barcelona Open second round
More Stories From Technology
-
Vivo V30 5G: The Perfect Blend of Enhanced Photography and Premium Design
14 hours ago -
PITB's Regional Plan 9 invites applications for its newly launched incubation centers in Rawalpindi, ..
2 days ago -
Pakistan calls for enhanced information integrity on digital platforms
2 days ago -
Infinix NOTE 40 Series vs. the Competition: Why It Stands Out
3 days ago -
"Unlock Exceptional Value: The New realme Note 50 with Extended Warranty Now Available in Pakistan!� ..
3 days ago -
Google unveils new AI chips, arm-based processor for data centers
8 days ago
-
Italy considers stricter penalties for AI-related crimes
8 days ago -
Malaysia Calls on Meta and TikTok to Enhance Platform Monitoring
8 days ago -
Always Up-to-Date: Enjoy the Latest Android Updates on Your Infinix NOTE 40 Series for 2 Years
10 days ago -
Vivo V30 5G: Insights from Pakistan's Tech Experts and Lifestyle Influencers
11 days ago -
Infinix and JBL Strike a Chord: Superior Sound Arrives with Note 40 Series
11 days ago -
Realme Announces Exciting Ramzan Offer with Price Drop on realme C67
15 days ago