Italy to introduce tax on digital companies in 2020

16.10.2019 - Davydova Maria
Italy to introduce tax on digital companies in 2020

Italy to introduce tax on digital companies in 2020

Italy has approved a new tax on digital companies as part of its 2020 draft budget along with plans to introduce the new measures next year.

The levy will oblige web-based companies to pay a 3% tax on internet transactions, according to the text of the draft budget.

The plan is expected to yield around €600 million euros each year while Italy scrambles to find alternatives to avoid a scheduled increase in sales tax.

Italy and other European Union members have long complained about how Facebook, Google, and other web giants collect huge profits and only to pay taxes worth a few million euros annually.

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