By Euro Weekly News Media • 20 October 2018 • 16:47
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Photo credit: Salvamento Maritimo
SPAIN’s socialist government approved a new tax on large internet companies on Friday, in order to finance its spending on pensions and public services.
The proposed tax on digital services will be imposed on companies with an annual turnover of more than €750 million worldwide, and earnings in Spain above €3 million.
Finance Minister, Maria Jesus Montero, announced that the tax (which still needs parliamentary approval) will “modernise tax rules” for 21st century businesses, and “lay the foundations for a fairer society.”
It has been nicknamed the “Google tax” in Spain because it would affect US giants like Google, Facebook and Amazon.
The plans will also include a 3 per cent tax on online advertising, sales of user data and online platforms, in what the government hopes will raise €1.2 billion in tax revenue next year.
Ms Montero added that the measures will “counter the unfair competition which e-commerce poses to traditional commerce.”
The government also plans to raise more than €800 million by cracking down on corporate tax evasion.
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