Czechs to impose 7% tax on global internet giants

Business

FILE – In this Sept. 24, 2019, file photo a sign is shown on a Google building at their campus in Mountain View, Calif. Google plans offer checking accounts run by Citigroup and a credit union, according to a report by The Wall Street Journal. (AP Photo/Jeff Chiu, File)

PRAGUE (AP) — The Czech government has approved a plan to adopt a tax on internet giants like Google, Amazon, Facebook and Apple.

Joining France and some other countries, the measure would impose a 7% annual tax on companies’ digital business revenues in the Czech Republic. It would apply to companies with global sales worth more than 750 million euros ($830 million) and Czech revenue exceeding 100 million Czech crowns ($4.3 million).

The finance ministry has estimated the tax could bring in some 5 billion crowns ($216 million) a year, starting in 2020.

The tax still needs parliamentary approval.

Monday’s move comes as some 130 countries try to find a way to more fairly tax global internet giants, with the Paris-based Organization for Economic Cooperation and Development leading the project.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Local News

More Local News

Greek Peak 8 Pack

Buy the Greek Peak 8 Pack Now