Friday 22 November 2019
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business-standard - 1 month ago

Italy latest to slap Internet giants with digital tax

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 (USD 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 ..

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