Italy soon will join France in applying a new tax on large tech companies, a move that could deepen trans-Atlantic trade tensions and snarl up already-faltering negotiations over how best to tax companies such as Facebook and Google parent Alphabet. From a report: The new tax, passed this week by Italy’s parliament, will take effect Jan. 1. Similar to the tax implemented this year in France, Italy’s imposes a 3% levy on some digital revenue for companies with more than $835 million in global revenue, including least $6.1 million in Italy. The Italian announcement, combined with the French tax, complicates a broader effort among more than 100 countries to overhaul corporate taxation for the digital age. Many countries say U.S. tech companies pay too little income tax in the territories where they have users. Until now, most have held off on imposing their own national taxes. That reluctance may be fading, however, with others such as the U.K. or Canada potentially ready to follow suit.
of this story at Slashdot.
Source:: Slashdot