Following the General Meeting on Wednesday, Austria has increased the digital tax that will be implemented on large tech companies by 5% from 3%.
The news came from Austria’s Finance Minister Hartwig Loeger.
Loeger also stated that the new regulation would take place as of 2020 for tech companies making 750 million euros in total with at least €25 million from Austria.
The increase in digital tax is aimed at providing equity in taxation.
The digital platforms will also face compulsory VAT.
Australian Government estimates to make 200 million euros with the new regulation.
Source: Reuters
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