Europe could target Silicon Valley to help it rebound from the coronavirus-fueled recession
After an online discussion with Facebook's CEO Mark Zuckerberg last week, European Commissioner Thierry Breton brought up the issue of taxation. He said on Twitter: "Being smart is good. But being too smart with taxes is never a right idea." The European Commission declined to comment Friday when asked to clarify the tweet and whether the institution is looking at changes to taxation.
"A key trend to watch is the degree to which large consumer bases in emerging markets, such as Brazil, India, and Indonesia, press ahead with new digital taxes. Indonesia, for example, is trying to collect taxes on a greater share of its e-commerce," he said.
On the other hand, taxes on consumption and income provide higher sources of government revenue, Samuel-Gibson said.France, Italy, Spain, Austria and the U.K. are some of the countries that have drafted plans for a digital tax. In the case of France, which was the first major economy to legislate a digital tax, it agreed in January to postpone collecting the first payments until next year to allow time for the OECD to come up with a deal.
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