Austria’s Federal Council On Oct. 10 approved a 5% tax on the digital advertising revenues of large tech firms.
The country joins a growing list of jurisdictions launching similar taxes targeting digital revenues generated by large tech firms like
- The levy will be paid by any firm which has 750 million euros ($826 million) of revenues worldwide and 25 million euros of digital advertising revenue in Austria. The tax was already approved by the country’s National Council Sept. 19 and is part of a wider tax reform package.
- Austria expects the new tax to generate 200 million euros of revenue per year.
- The U.S. intends to take trade action against countries that enact taxes aimed at U.S. companies, Chip Harter, deputy assistant secretary for international tax affairs at the Treasury Department , said Sept. 11 at the International Fiscal Association 2019 Congress in London.