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EU states could agree on digital tax terms by end of 2018

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EU states could agree on digital tax terms by end of 2018

An agreement on the European Union's planned digital tax implementation might be reached by the end of 2018, Reuters reported Sept. 8, citing Germany's Finance Minister Olaf Scholz.

The European Commission previously stated that it plans to implement a 3% tax on the digital revenues of tech companies with an annual global turnover of more than €750 million and EU-generated revenues of €50 million.

The proposed tax would be imposed on earnings from online advertising, impacting Alphabet Inc.'s Google LLC and Facebook Inc., as well as on earnings from subscriber fees charged by service providers such as Apple Inc. and Amazon.com Inc., and from the sale of data generated from user-provided information to third parties.

Scholz said at a meeting of EU finance ministers in Vienna that a debate on the matter was necessary, the news outlet reported.

On the other hand, France's Finance Minister Bruno Le Maire, offered to add a "sunset clause" to the planned EU tax, proposing that the new tax would end once a global deal on the taxation of digital companies has been reached.

The addition of the said clause was confirmed by Austrian Finance Minister Hartwig Loeger, according to Reuters. Austria currently holds EU's rotating presidency.

Of the 28 EU member states, 11 are looking into implementing national web taxes in case a combined deal is not reached, Reuters reported.