Czech Republic to impose tax on global internet giants
People walk by Google offices in New York on Dec. 4, 2017. (AP Photo/Mark Lennihan)
PRAGUE, Czech Republic -- The Czech government has approved a plan to adopt a tax on internet giants such as Google, Amazon, Facebook and Apple.
Joining France and some other countries, the measure would impose a 7% annual tax on companies' digital business revenues in the Czech Republic. It would apply to companies with global sales worth more than 750 million euros (US$830 million) and Czech revenue exceeding 100 million Czech crowns (US$4.3 million).
The finance ministry has estimated the tax could bring in some 5 billion crowns (US$216 million) a year, starting in 2020.
The tax still needs parliamentary approval.
Monday's move comes as some 130 countries try to find a way to more fairly tax global internet giants, with the Paris-based Organization for Economic Cooperation and Development leading the project.