Europe demands permanent waiver from USA metal-import tariffs

Europe Just Dropped a Major Tax Bombshell to Get US Tech Giants to Pay Up

"The amount of profits now going untaxed is unacceptable", European Commission Vice President Valdis Dombrovskis said in a statement.

A key element of US President Donald Trump's administration since he took office is to secure more favourable trade conditions for US companies and protect jobs.

Under EU law, firms like Google and Facebook can choose to book their income in any member state, prompting them to pick low-tax nations like Ireland, the Netherlands or Luxembourg.

"Our pre-Internet rules do not allow our Member States to tax digital companies operating in Europe when they have little or no physical presence here", Pierre Moscovici, Europe's commissioner for economic and financial affairs, taxation and customs said. While unanimity will be hard - Irish prime minster Leo Varadkar on Wednesday called the tax "ill judged" - some countries may introduce their own revenue taxes if the EU-wide initiative ultimately collapses. These are bad times for globalization: China has already announced that re will be reprisals after USA measures, and Europe is on sidelines, but it shoots on or flanks, with digital rate destined in part to technological multinationals American or ads in Berlin of fines to companies that breach laws of protection of data: Facebook and case Cambridge Analytica.

USA tech companies themselves have said they are paying tax in line with national and global laws and, in some cases, that the tax should be paid in the United States on profits repatriated there. "Some of these companies are among the greatest contributors to US job creation and economic growth".

These numbers are, however, disputed by the tech giants, which have criticised the tax as a "populist and flawed proposal". Later this week, the United States is due to implement tariffs on steel and aluminum imports.

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"It takes note that shipments of steel and aluminium from the European Union have been temporarily exempted from such measures, and calls for that exemption to be made permanent,"Â the statement added".

The European Union is safe from trade war unleashed by United States.

The proposal is to tax companies according to where their digital users are based. It would cover companies that have annual worldwide total revenue exceeding 750 million euros and total taxable annual revenue from offering digital services in the European Union of more than 50 million euros.

The European Commission wants to see big tech firms pay a 3% tax on some of their revenues. For instance, if Facebook sells an ad created to reach users in Milan, the company would pay tax on that ad revenue in Italy. These activities include the sale of online advertising space, the supply of platforms connecting users and suppliers of services and goods (probably meaning companies such as Airbnb and Amazon), and the sale of data derived from user-provided information.

The European Union on Wednesday unveiled new plans to make big tech companies pay more taxes in a move that would, if endorsed, hit online US firms like Google and Facebook.

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