KONTAN.CO.ID - ROME. Italy is readying a new tax on digital companies in its 2020 budget, as it seeks alternative revenues that will allow it to scrap a scheduled increase in sales tax, two coalition sources told Reuters on Monday. The levy will oblige multinational web-based giants to pay a 3% levy on internet transactions, the sources said, adding that some changes were possible due to ongoing negotiations among the ruling parties. The scheme is expected to yield around 600 million euros each year, and will apply to companies with annual global revenues worth at least 750 million euros and digital services exceeding 5.5 million euros in Italy.
Italy readies "web tax" in its 2020 budget -sources
KONTAN.CO.ID - ROME. Italy is readying a new tax on digital companies in its 2020 budget, as it seeks alternative revenues that will allow it to scrap a scheduled increase in sales tax, two coalition sources told Reuters on Monday. The levy will oblige multinational web-based giants to pay a 3% levy on internet transactions, the sources said, adding that some changes were possible due to ongoing negotiations among the ruling parties. The scheme is expected to yield around 600 million euros each year, and will apply to companies with annual global revenues worth at least 750 million euros and digital services exceeding 5.5 million euros in Italy.