EU Pushes for Digital Taxes at G20 Meeting

European finance leaders last Sunday expressed their support for global tax rules for the digital economy at the G20 meeting in Argentina.

However, this has put the EU at odds with their US counterparts. If the proposal of the European Commission pushes through, US tech giants such as Google, Facebook and Amazon may end up footing a large percentage of any bill.

It is estimated that around 200 companies would have to pay because of the new tax rules which would roughly amount to annual revenues of about 5 billion euros ($6 billion).

Source: Reuters

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