‘EU lost up to €5.4b in tax revenues from Google, Facebook’

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‘EU lost up to €5.4b in tax revenues from...
 © In-Cyprus 2018
European Union states could have lost 5.4 billion euros in tax revenues from Google and Facebook between 2013 and 2015, according to a report of the EU lawmaker responsible for a corporate tax reform that could raise online giants’ tax bill.

The document, seen by Reuters, will be published on Thursday, the day before EU finance ministers begin a two-day meeting in the Estonian capital Tallinn, in which they will discuss how to increase taxes on large online businesses accused of paying too little in Europe.

Digital multinationals “minimize the overall tax burden in the EU by routing all revenues to low-tax member states such as Ireland and Luxembourg,” said the report, prepared by EU socialist lawmaker Paul Tang.

The document focuses on the social network Facebook and search engine Google, now part of Alphabet, because the two U.S. companies book most of their EU revenues in low tax-rate Ireland, a move that allows them to pay in the EU much lower...


This article was automatically added to our system 13-9-2017

‘EU lost up to €5.4b in tax revenues from Google, Facebook’


The contents of this article including any associated images are © In-Cyprus 2018
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