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Czech Republic to Delay Proposed Digital Tax, Cut Rate to 5%

June 10, 2020, 3:23 PM

The Czech Republic will reduce to 5% the rate of a proposed digital tax on tech giants like Facebook Inc. and Alphabet Inc.'s Google. It will also delay the tax’s effective date until Jan. 1, 2021, under a governing coalition agreement Wednesday.

The current proposed rate is 7% and the effective date is the 15th day after official publication. The tax, under consideration in the lower house of parliament, is to apply to tech companies with global revenue over 750 million euros ($853.2 million).

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