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.
Kenya was on Friday put on the list of nations that will be under heightened monitoring on how it is countering money laundering, terrorist financing, and proliferation financing by the Financial Action
Rishi Sunak has embraced the challenge of narrowing the gap between the Tories and Labour in the current polls. Speaking to the Times, the prime minister emphasised his commitment to tax reductions,
New rules under the Corporate Transparency Act (CTA) now require many corporations, limited liability companies and other entities to report beneficial ownership and other information to the Financial
The Blockchain Association of Kenya (BAK) is set to launch Kenya’s first-ever community-led Virtual Assets Service Provider (VASP) draft Bill for the country’s digital asset industry. The