Czechs to impose 7% tax on global internet giants

Tech News

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 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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