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.
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.