EU greenlights Bayer-Monsanto deal – EU targets US tech giants
The European Commission is to unveil plans for a digital tax on big US tech companies. The move is aimed at recovering billions of euros from multinationals that divert their earnings to low-tax nations.
The EU has unveiled a proposal to overhaul how multinational tech giants are taxed in the 28-nation bloc to prevent the companies from exploiting tax loopholes. The move is likely to exacerbate global trade tensions.
Silicon Valley titans such as Google and Facebook have recently come in for more criticism in Europe than ever before. They were the target of a strong warning from billionaire George Soros in Davos on Thursday night.
Billions are expected to flow into Ireland's coffers through September as the tech giant shells out for 10 years of tax breaks that have been ruled illegal. Yet, Ireland and Apple continue to dispute the EU's orders.
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