TECH Spain set to impose digital tax on tech giants

TECH

Spain set to impose digital tax on tech giants

Xinhua

04:40, February 19, 2020

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(Photo: Xinhua)

MADRID, Feb. 18 (Xinhua) -- The Spanish government approved the introduction the so-called "Google tax" on digital companies during its weekly meeting held on Tuesday.

The bill for a digital service tax proposes taxing the revenues of large web companies, such as Google, Amazon and Facebook, obtained through publicity from advertising and the sale of data and intermediary services at a rate of three percent, Spain's Minister of Finance Maria Jesus Montero confirmed.

The tax would be imposed on companies with digital sales of at least 750 million euros ($810 million) internationally and at least three million euros in Spain.

Montero said that the affected companies would have to make their first payments in December 2020 in order to allow time for international negotiations, adding that the decision had been taken as part of a move towards a "fairer and more redistributive fiscal system, which adapts to the new economic reality."

The bill still requires parliament's approval. (1 euro = $1.08)


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