The Czech Republic is to Reduce Proposed Digital Services Tax Rate

The Czech Republic's government is worried that its proposed rate of 7% on digital tax on giant tech companies such as Google and Amazon might be too high compared to other EU states.

The Czech Republics government is uncertain and worried that its proposed rate of 7% on digital tax on tech companies with global turnoverover 750 million euros ($809 million) might be too high compared to other EU states. Therefore, the parliament’s budgetary committee has unanimously delayed a discussion about reducing the rate until 10 June to give more time and seek consensus on the rate amongst the governing parties. 5% rate of tax is being considered by the Czech government according to the Finance Minister and there is an agreement that it should not be less than 3%.

The proposal is a part of EU countries move to impose higher taxes on tech giant companies such as Facebook, Google and Amazon as they wait for wider, the OECD-led effort to overhaul how the digital economy is taxed. The OECD is currently trying to get more than 130 countries to agree to a global digital tax plan by the end of 2020 as Covid-19 pandemic has delayed this effort. 

Share:

More Posts

Internet privacy concept

Home without Borders lifestyle

We live today in a global world with unprecedented possibilities of travelling, working and living in different countries, however the majority of people born in one country, stay living in that country, and many people even stay living in the same town where they were born.

Dubai becomes more crypto-friendly

The Dubai Multi Commodities Center (DMCC), a renowned economic free zone in Dubai is to allow licensing for firms that offering, issuing, listing and trading crypto assets.

Send Us A Message