VIENNA, Austria – Austria on Wednesday proposed taxing internet giants such as Google and Facebook five percent of their digital advertising revenue, a higher rate than France and other EU countries are seeking. ADVERTISEMENTAustrian Chancellor Sebastian Kurz said the tax aimed to stop the “unfairness” of internet giants who have until now routed their sales through subsidiaries in low-tax EU members. The government hopes that the new tax, which still has to be approved by parliament, will bring in 200 million euros ($225 million) per year from 2020. It targets businesses with an annual worldwide revenue of at least 750 million euros, of which at least 25 million euros is made in Austria. Finance Minister Hartwig Loeger said Austria wanted a higher tax rate than that in order to make up for all the years that internet giants avoided taxes.

Source: Philippine Daily Inquirer April 03, 2019 11:03 UTC