Apple and other tech giants a may have to pay an annual lump sum to the European Union under a modified version of a digital services tax plan, reports the Financial Times (a subscription is required to read the article).
From the report: Brussels was considering changes to an existing proposal that would require all companies operating in the EU with revenue of more than €100mn a year to pay an annual lump-sum tax contribution, the officials said […]
Adjusting the thresholds and contributions under the Core proposal to cover only very large corporates would both increase the amount raised from tech groups and defuse criticism in Europe that Core would hit many medium-sized European companies, officials argued.
This is obviously attempt to avoid the wrath of the White House. Washington previously threatened retaliation against targeted digital service levies.
The European Union is a political and economic union of 27 member states located primarily in Europe. The 27 countries in the EU are Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
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