Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

United States renews calls for Italy to scrap its web tax, sources say
Meta and Google logos, colourful background.

Published : , on

By Giuseppe Fonte

ROME (Reuters) – The United States has recently renewed calls for Italy to repeal its domestic web tax, people familiar with the matter told Reuters, saying the U.S.’ insistence increases the risk of retaliation if Rome ignores the request.

Italy intends to maintain the tax for now, waiting for the new administration in Washington to show its stance on the matter, two officials said, asking not to be named due to the sensitivity of the matter.

Donald Trump has claimed victory following Tuesday’s presidential election.

Washington has threatened tariffs over unilateral digital taxes in Europe such as the Italian levy, which applies to Meta Platforms Inc, Google and Amazon, and raises less than 500 million euros ($538.65 million) per year.

Despite its relatively small level of revenue, the United States considers the scheme unfair discrimination because it mainly targets the country’s tech companies, the sources said.

The U.S. Treasury was not immediately available for comment.

Italy in 2019 introduced a 3% levy on revenue from internet transactions for digital companies with sales of at least 750 million euros if at least 5.5 million are made in Italy.

Now, as part of the government’s 2025 budget, Prime Minister Giorgia Meloni plans to remove these minimum conditions for the tax to be applied, aiming to raise 51.6 million euros on top of the current revenue of 400 million.

Italy’s Treasury has told Washington the removal of the revenue floors, by increasing the number of companies forced to pay the tax, would overcome U.S. objections about its discriminatory nature, one of the sources said.

However, several coalition lawmakers oppose the Treasury’s proposed changes. They argue the tax should keep focusing on U.S. Big Tech, and are planning amendments to the budget bill before parliament.

“We must trim the claws of the web giants,” said Maurizio Gasparri, a senior senator with the co-ruling Forza Italia party.

The proposal being discussed would maintain revenue floors to shield small and medium-sized enterprises while hiking the current 3% tax rate.

An amendment like this would be the best way to get crucified by the U.S.,” the second source said.

($1 = 0.9282 euros)

 

(Editing by Gavin Jones)

 

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post