Spain Plans to Introduce 3% Digital Tax, on Large Tech Firms

Friday 1440/5/12 - 2019/01/18
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Madrid, Jan 18, 2019, SPA -- The Spanish government approved on Friday a draft law that would tax large companies 3 percent of their digital revenue, bringing an estimated 1.2 billion euros ($1.37 billion) to state coffers each year, cabinet spokeswoman Isabel Celaa said.
Spain, along with Italy, Britain and several other European Union countries, has been readying national digital tax plans while the bloc is still at loggerheads on an EU-wide levy.
It is designed to prevent big companies, such as Amazon, Google, Facebook and Uber from averting tax by routing their profits to the bloc's low-tax states.
The tax bill for companies with revenues of more than 700 million euros globally and at least 3 million euros in Spain, was in line with the European Union proposals on the matter, she concluded.
-- SPA
19:46 LOCAL TIME 16:46 GMT