EU Unveils Digital Tax Targeting Facebook & Google

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The EU proposal for digital tax focused on US tech companies gives rise to more problems to companies such as Facebook and others that pay lower tax rates by shifting earnings around Europe and have worldwide annual turnover above EUR €750 million (USD $924 million).

Welcomed France, Germany, Italy, Spain and Britain; the proposal suggests that the amount of digital tax will include the level of activity, where the companies actually operate.

On the contrary, US Treasury Secretary Steven Mnuchin gave a warning to this measure arguably aiming to block the major contribution of tech firms to US jobs and economy.