DUBLIN: EU Commission proposals to introduce a digital tax on internet giants poses a bigger threat to Ireland than US tax reforms and will make the EU less competitive, it has been claimed.
The commission yesterday unveiled heavily leaked plans to introduce a 3 per cent levy on digital companies’ revenues as an immediate means of gathering more tax revenue across the EU.
The measure is expected to raise about €5 billion a year for the bloc but could cost Ireland up to €250 million in foregone tax revenue annually, according to estimates. The plan will target mainly US companies with worldwide annual turnover above €750 million, such as Facebook plan for digital tax poses threat to Irelandogle, Twitter, Airbnb and Uber.
