16 C
Jaipur
Tuesday, December 1, 2020

Google tax: Spain hopes to raise 6.8 billion Euros in new taxes, including ‘Google tax’ – Latest News

Must read

Vietnam steps up online crackdown, jailed activists at record high: Amnesty International – Latest News

The number of jailed activists in Vietnam has reached its highest on record, according to a tally by Amnesty International, which in a report...

Tesla: LG Chem to double China battery capacity to meet Tesla demand: Sources – Latest News

South Korea's LG Chem Ltd plans to more than double production capacity of battery cells it makes in China for Tesla Inc electric vehicles...

5G Smartphones: Snapdragon 888: Qualcomm’s new flagship 5G smartphone chip to be manufactured by Samsung – Latest News

Qualcomm Inc on Tuesday announced a new flagship smartphone chip that will feature enhanced gaming and photo abilities and will be manufactured by Samsung...

OEM: Addressable market for OEMs likely to be over Rs 10 lakh crore by 2025: Report – Latest News

The growing domestic handset manufacturing market and supportive policies by government have ensured that India steadily builds on its device manufacturing capabilities, and the...

Spain’s government is proposing new taxes on digital services, financial transactions and plastic packaging in 2021 and a higher levy on sugary beverages in the hope of raising a total of 6.8 billion euros ($7.96 billion), its draft budget showed.

Spain sent the budget plan, which projects a deficit of 7.7% and an economic rebound of at least 7.2% as previously announced, to the European Commission late on Thursday.

This year, the government expects a recession of 11.2% – the worst since the civil war – and a budget gap of 11.3% due to the impact of the coronavirus pandemic.

Parliament has already given its green light to the implementation of the two more controversial taxes. The so-called Google tax on revenues booked locally by large tech firms such as Google, Amazon and Facebook is being adopted across Europe. Washington sees such a tax as a threat to U.S. companies.

The 3% tax on digital services, such as advertising and data sales, is projected to collect around 1 billion euros in 2021.

The financial transactions tax, known as ‘Tobin tax’, is another European project, led by the German government, and is expected to raise 850 million euros next year in Spain. A 0.2% rate would be applied to transactions of shares of listed companies with a market cap higher than 1 billion euros.

In the context of shrinking tax revenues and record public spending to counter the impact of the pandemic, Spain also plans to create or raise other taxes for potentially harmful products.

It will hike value-added tax on sweetened beverages to 21% from 10%, expecting to collect 340 million euros in 2021, and to raise 1.8 billion euros from various ‘green’ taxes, such as a tax on plastic packaging.

The Socialist-led minority coalition government hopes parliament will approve the first full-year budget since 2016 after a long period of political instability. Spain had to roll over its budgets for most of the past four years, all but preventing public investment.

Source link

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Vietnam steps up online crackdown, jailed activists at record high: Amnesty International – Latest News

The number of jailed activists in Vietnam has reached its highest on record, according to a tally by Amnesty International, which in a report...

Tesla: LG Chem to double China battery capacity to meet Tesla demand: Sources – Latest News

South Korea's LG Chem Ltd plans to more than double production capacity of battery cells it makes in China for Tesla Inc electric vehicles...

5G Smartphones: Snapdragon 888: Qualcomm’s new flagship 5G smartphone chip to be manufactured by Samsung – Latest News

Qualcomm Inc on Tuesday announced a new flagship smartphone chip that will feature enhanced gaming and photo abilities and will be manufactured by Samsung...

OEM: Addressable market for OEMs likely to be over Rs 10 lakh crore by 2025: Report – Latest News

The growing domestic handset manufacturing market and supportive policies by government have ensured that India steadily builds on its device manufacturing capabilities, and the...

Free Proxy List 2020 [Proxy Server List To Hide Your IP Address]

With the internet becoming a hotbed for tracking activities and an ever-growing race to collect data, it has become essential to find a means...