MADRID, Feb 19 (NNN-AGENCIES) – The Spanish government approved the introduction of the so-called “Google tax” on digital companies, during its weekly meeting held on Tuesday.
The bill for a digital service tax proposes taxing the revenues of large web companies, such as Google, Amazon and Facebook, obtained through publicity from advertising and the sale of data and intermediary services, at a rate of three percent, Spain’s Minister of Finance, Maria Jesus Montero, confirmed.
The tax would be imposed on companies with digital sales of at least 750 million euros (810 million U.S. dollars) internationally, and three million euros in Spain.
Montero said, the affected companies would have to make their first payments in Dec, 2020, in order to allow time for international negotiations, adding that, the decision was taken as part of a move towards a “fairer and more re-distributive fiscal system, which adapts to the new economic reality.”
The bill still requires parliament’s approval. (1 euro = 1.08 U.S. dollars).
