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European Commission Seeks Comments on Draft Proposal to Introduce Digital Tax

Jan. 21, 2021, 5:00 AM

The European Commission Jan. 14 opened a consultation on a draft proposal to introduce a digital tax. The proposal includes measures that would: 1) impose a tax on digital transactions for all business-to-business transactions within the EU; 2) impose a corporate income tax for companies providing digital services within the EU; 3) impose a tax on revenue created by specified digital transactions within the EU; 4) modernize tax rules addressing tax challenges for the digital economy; and 5) allow flexibility for companies shifting profits to specified jurisdictions. Comments are due Feb. 11. [European Union, European Commission, 01/14/21]

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