Wednesday 14 November 2018

Spain’s government proposes taxes on internet giants

A levy on financial transactions is also being considered.

A Facebook logo on a laptop (Dominic Lipinski/PA)
A Facebook logo on a laptop (Dominic Lipinski/PA)

By Associated Press Reporter

Spain’s Socialist government wants to introduce new taxes on big internet companies and on financial transactions as a way of paying for improved pensions and public services.

The country’s finance minister Maria Jesus Montero said on Friday the proposed tax on digital services will be levied on companies with annual revenue of more than 750 million euro worldwide and earnings in Spain above three million euro.

That would include US internet giants like Google, Facebook and Amazon.

ipanews_1ee57535-1e2e-4e74-b39f-9f908f675fdc_embedded237611501
Google may also be subject to taxes, if the proposals go through (Yui Mok/PA)

The financial transaction tax foresees a 0.2% tax rate on the purchase of Spanish stocks by financial sector operators.

It covers only stocks issued in Spain by listed companies with market capitalisation of more than one billion euro.

Debt and derivative purchases are exempt.

The planned laws require parliamentary approval.

Press Association

Today's news headlines, directly to your inbox every morning.

Editors Choice

Also in World News