European Union finance ministers failed to agree on a tax on digital income, despite a last-minute plan by Germany and France to save the proposal.
The EU’s executive arm proposed a 3 percent tax on digital firms such as Facebook and Google, saying these companies tend to channel profits to countries with lower taxes.
The collapse of the agreement is a heavy blow for the French president, Emmanuel Macron, and his government, which has invested considerable political capital for this tax, Telegraph reports.
Companies that profit from Google and Facebook advertising would be hit hardest by the Franco-German proposal.
The tax requires the support of 28 member countries, including those that offer low taxes such as Ireland, and according to the first proposals, the tax was supposed to enter into force in January 2021.
French investigators said on Tuesday they had opened a judicial probe into money laundering, tax fraud and other charges at Binance, the world’s largest cryptocurrency exchange, which said it
The number of civil investigation cases opened by a HM Revenue and Customs (HMRC) fraud unit investigating offshore, corporate and wealthy taxpayers has fallen by more than half in five years, figures
The legislation would require crypto service providers to collect and share user data with the Dutch tax authority, in line with the EU’s reporting requirements to combat tax evasion. The Dutch government
Cyprus is preparing a sweeping tax overhaul that will broaden the tax base, toughen enforcement and ease the burden on households and businesses, officials familiar with the draft legislation said.