Monday 28 September 2020 ,
Monday 28 September 2020 ,
Breaking News
  • Arms case: Regent chairman Shahed sentenced to life imprisonment
  • Arms case: Regent chairman Shahed sentenced to life imprisonment
22 October, 2018 00:00 00 AM
Print

Spain backs new tax on internet giants in budget plan

AFP

Spain’s socialist government approved Friday a new tax on big internet companies as part of its 2019 budget, hoping to raise up to 1.2 billion euros ($1.4 billion) next year, reports AFP from Madrid.

The tax, which still requires parliamentary approval, will “modernise tax rules” for 21st-century businesses, Finance Minister Maria Jesus Montero told reporters following a weekly cabinet meeting.

It calls for a 3.0 percent tax on online advertising, sales of user data and online platforms.

The tax will be levied on companies with annual revenues of over 750 million euros worldwide, and at least 3.0 million in Spain.

It has been dubbed the “Google tax” in Spain because it would affect US internet giants like Google, Facebook and Amazon.

The tax could also counter the “unfair competition” which e-commerce poses to “traditional commerce”, the minister said.

The tax will come into effect once the government’s draft 2019 budget is approved.

Prime Minister Pedro Sanchez’s minority government has the support ot its main ally, far-left party Podemos which helped it draw up the budget, but will needs to convince smaller Basque and Catalan regional parties to approve it.

The European Union also must still approve the government’s draft budget.

EU finance ministers have been wrangling over a controversial proposal to slap a European tax on US tech giants amid concerns that they currently do not pay their fair share.

Today’s tax rules were designed for when multinationals developed real assets and operations in different nations, making it relatively clear where taxes were due.

But the US tech titans exist almost exclusively in the virtual world, their services piped through apps to smart phones and tablets from designers and data servers oceans away.

 

Comments

Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
0102030405
06070809101112
13141516171819
20212223242526
27282930
More Business stories
Bangladesh Railway losing Tk 4-5cr every day Bangladesh Railway is losing Tk 4-5 crore in revenue every day following the suspension of all train services across the country amid the coronavirus outbreak. On March 24, the government suspended all…

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting