EU seeks digital tax to stem 'bags of money' lost to loopholes
One challenge is that all 28 current members of the EU need to agree to initiatives concerning taxation, meaning one country alone could block the plan.
(Bloomberg) European Union finance ministers are looking to create a tax on digital companies such as Amazon.com and Facebook to raise money from an industry that they say provides less than it should to public coffers.
French Finance Minister Bruno Le Maire told colleagues at a meeting in Tallinn, Estonia, on Friday that the bloc should agree to a tax on revenue -- rather than profits -- of the digital industry by mid-2018. Germany, Italy and Spain back the initiative in principle, as do Austria and Bulgaria. They’re concerned that taxing profits is too complicated under international rules, allowing companies to skirt traditional levies.
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