Italy to impose 3% digital tax on global IT giants

now following in Frances footsteps Italy
is going to impose a digital tax on global tech companies now this move is
likely to rile the United States as many of the world’s biggest tech companies
are based right there for more on this and other news from around the world
let’s turn to our union min-jeong win yet another European country adopting
this digital tax yes you’re right mark Italy will follow Frances suit when it
comes to imposing taxes on global IT giant’s as dimension that’s unwelcome
news for the US according to local media Italy’s parliament passed the digital
tax into law this week which will impose a 3% levy on revenue for companies which
earn more than 750 million euros and at least 5.5 million euros in Italy the new
tax only targets business-to-business transactions including advertising or
cloud computing services the new tax rule will take effect from New Year’s
Day this comes as some European countries
happen complaining that American tech companies pay too little in tax in
countries where they have users however the move is likely to trigger backlash
from the US which has been criticizing France for slapping its own digital tax
on IT giant’s Washington insists the tax is targeted against American tech firms
such as Facebook Google and Apple in response to death the Trump administers
a administration said that it imposed tariffs of up to 100% on French wine
cheese and handbags it has also warned of similar retaliation against Italy
France for his part had threatened to bring the case to the WTO once the US
imposes its retaliatory taxes

Leave a Reply

Your email address will not be published. Required fields are marked *