Spain’s Treasury Minister Maria Jesus Montero attends a session at Parliament in Madrid, Spain, February 12, 2019. — Reuters pic
The government proposes to levy a 3 per cent tax on large web companies that generate global revenues of more than €750 million per year and more than €3 million in Spain, Montero said during the weekly press conference she holds after cabinet meetings. The tax, which should bring in nearly €1 billion a year for state coffers, has long formed part of the ruling Socialist Party’s electoral programme.
However, opposition from the United States, where many of the tech giants are based, has stymied progress on a coordinated global tax, prompting some countries to introduce their own digital levies.France has postponed the enforcement of its planned tax to December as it expects negotiations at the Organisation for Economic Cooperation and Development will produce a similar tax to be introduced across other rich countries, including the United States.
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