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European tech leaders warn against EU digital services tax

A group of technology company chiefs is warning that a tax proposed by the European Commission on digital services would hinder innovation and raise prices

AP Reported by: AP
Published on: October 30, 2018 19:00 IST
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Image Source : AP European tech leaders warn against EU digital services tax

THE HAGUE, Netherlands (AP) — A group of technology company chiefs is warning that a digital services tax proposed by the European Commission would hinder innovation and economic growth.

In a letter to EU finance ministers, the leaders of 16 tech companies including Spotify, Booking.com and Zalando say the effect of the proposed tax "would be to undermine the EU's stated goal of a Digital Single Market and to harm the very businesses that are the catalysts for economic growth and employment in the European economy."

The Commission unveiled its plan in March, insisting that EU member countries should be able to tax firms that make profits on their territory even if they aren't physically present.

The proposal was seen as a way of making tech giants like Google and Facebook pay more taxes.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
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