European Union puts forward tougher and 'digital-focused' tax rules

A look into Egypt-EU thriving trade relations

A look into Egypt-EU thriving trade relations

With this new taxation proposal, the European Commission hopes to stop companies from re-routing revenue to countries that offer more favorable tax laws.

In the second proposal, an interim tax would be placed on revenues from online advertising, facilitating the sale of goods between platforms and the sale of user-generated data.

"Many digital companies benefit from public services without paying their fair share of tax".

Companies would be eligible to pay these taxes if they have a significant digital presence in a member state.

EU Economics Commissioner Pierre Moscovici brushed off accusations that he was going after rich American tech companies to enrich EU coffers at a time when the bloc is at odds with the Trump administration over trade and taxation issues. "We need to urgently bring our tax rules into the 21st century".

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EU leaders are set for a confrontation over the taxation of digital companies at their summit on Thursday (22 March), just as the European Commission has put a proposal on the table.

The tax proposals must be approved by European Union member countries and its parliament, and they could face significant opposition from some governments.

ACI Europe director general Olivier Jankovec said: "By allowing the European Commission to impose sanctions on non-EU airlines even before alleged anti-competitive practices are duly documented, assessed and established, the text approved yesterday sends a worrying signal to our global trading partners - and could end up having far reaching negative impacts on the connectivity of our regions and on consumers".

The European Commission had previously taken enforcement action against Apple in 2016 for what it deemed to be unfair tax arrangements with Ireland.

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The industry group cited "rising rhetoric targeting USA companies and clear statements of intent to raise revenue from US-based firms".

The question for Irish opponents of the tax plan in Brussels this week: why step ahead of the OECD when it has been undertaking effective and painstaking work under the base erosion and profit shifting project to close loopholes between national tax systems being exploited by multinational companies on global revenues?

The American Chamber of Commerce to the European Union warned in a statement on Wednesday that a tax on revenue could reduce the amount of money available for investment.

"The European Council regrets the decision by the USA to impose import tariffs on steel and aluminium", EUÂ leaders said in a joint statement Friday. The proposal aims to target larger digital companies, whereas smaller startups will be excluded from the plan. The German government has reportedly been anxious that a revenue tax could prompt American retaliation, that could hit the German auto sector.

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