Europe proposes taxing tech giants to ensure they pay ‘their fair share’


The European Commission has proposed a plan to add a 3 percent tax on the revenues of digital tech companies like Google, Facebook, and Amazon in order to make sure that they pay “their fair share.”

The proposal is actually a two-part plan: the revenue tax is intended as an initial measure, with plans for more long-term reforms that would eventually tax digital companies based on where they make sales, not where their physical locations are.

The proposal notes that digital companies have become far more important in recent years: nine of the world’s top 20 companies by market cap are now digitally based, versus just one in 20 a decade ago. The proposal also claims that digital-based companies have an average effective tax rate roughly...

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via The Verge - Tech Posts "http://ift.tt/2GQ3L67"

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