EU: New Tech Taxes Will Drive Divisive Decisions

After nearly a year of rhetoric and planning, the European Union is preparing to take action on taxing technology companies. According to media reports, the European Commission is working on a plan to levy a 3 percent tax on advertising revenue, subscription fees and money generated from selling user data. The tax would apply to companies with a worldwide turnover of at least 750 million euros ($921.4 million) and 50 million euros in annual taxable revenues in the European Union. EU officials expect to raise about 5 billion euros a year through this tax, which is expected to affect around 100 companies. The proposal is set to be unveiled next week, and opposition to the proposal will likely follow soon after....