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Brussels vows to push ahead with digital tax plans aimed at tech giants like Amazon

Brussels vows to push ahead with digital tax plans aimed at tech giants like Amazon

BRUSSELS: Corporate tax frameworks were conceived in a pre-internet age and are confounded by today’s globalised and digital companies. That calls for a fundamental overhaul of our corporate tax systems,” he said.

Proposals will be made by Moscovici next month. The European Commission last September outlined how it might “ensure that the digital economy is taxed in a fair and growth-friendly way”. It comes in the wake of fines against Amazon and Apple over their tax structures.

But Moscovici’s insistence comes after some countries have signalled their opposition the tax plans. Ireland, which has attracted several of the Silicon Valley tech giants to its shores over the years with tax deals, have said reforms could hurt its economy.

Any reforms from the commission would come separately to globally coordinated tax reform spearheaded by the OECD which is supported by a number of EU member states.