The European Union’s Competition Watchdog launched an Agenda Thursday seeking agreement among the Bloc's Member Countries to Tax Digital Businesses where they Earn Profits, regardless of their Physical location.
The European Commission issued a 10-page Communication to the European Parliament and Council saying that the current Requirement for Companies to be Physically Present or Own Assets in a Country before they can be Taxed there is quickly becoming Outdated as Online Retailers, Social Media Platforms, Subscription Sites, and Collaborative Sharing Sites such as Airbnb.
France, Germany, Italy, and Spain want Digital Multinationals like Amazon and Google to be Taxed in Europe based on their Revenues, rather than only Profits as now, their Finance Ministers said in a Joint Letter.
France is leading a push to clamp down on the Taxation of such Companies, but has found support from other Countries also frustrated at the Low Tax they receive under Current International Rules.
Currently such Companies are often Taxed on Profits booked by Subsidiaries in Low-Tax Countries like Ireland even though the Revenue originated from other EU Countries.
CLICK HERE to read the Common Consolidated Corporate Tax Base (CCCTB) Communication.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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