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Spain set to impose tax on tech giants

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Christian Fernsby ▼ | February 19, 2020
The Spanish government approved the introduction tax on digital companies during its weekly meeting held yesterday.
Maria Jesus Montero
Business in Spain   Maria Jesus Montero
The bill for a digital service tax proposes taxing the revenues of large web companies obtained through publicity from advertising and the sale of data and intermediary services at a rate of three percent, Spain's Minister of Finance Maria Jesus Montero confirmed.

Topics: Spain tax

The tax would be imposed on companies with digital sales of at least 750 million euros (810 million U.S. dollars) internationally and at least three million euros in Spain.

Montero said that the affected companies would have to make their first payments in December 2020 in order to allow time for international negotiations, adding that the decision had been taken as part of a move towards a "fairer and more redistributive fiscal system, which adapts to the new economic reality."

The bill still requires parliament's approval.