EU Parliament Approves New Tax Bill on Digital Companies

EU Parliament Approves New Tax Bill on Digital Companies

Members of the European Parliament approved new rules to tax digital companies according to a press release published by the official website. “Threshold of minimum taxable revenues within the EU lowered to €40 million.”

From now on, online platforms selling, or sharing digital content can be taxed. Companies like Netflix, Youtube, or HBO Europe will have to pay taxes for “content on a digital interface such as video, audio, games, or text using a digital interface.”

Blockchain technology companies will have to pay attention to the new set of rules as they may be subjected to pay taxes if they share content or information depending on the platform.

New rules, however, will be a temporary solution as MEPs underlined that the Digital Services Tax “is a temporary measure. Adopting the Significant Digital Presence, the Common Corporate Consolidated Tax Base or similar rules reached at the OECD or at UN level would be permanent solutions.”

According to the press release, “The report on the digital services tax directive was adopted with 451 votes in favour, 69 against and 64 abstentions.”

On the other hand, “the report on the corporate taxation of a significant digital presence directive was adopted with 439 votes in favour, 58 against and 81 abstentions.”

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