Latest news with #onlineplatforms
Yahoo
a day ago
- Business
- Yahoo
Germany Considers 10% Digital Tax On Tech Giants Alphabet, Meta: Report
In a move that could escalate trade tensions with the U.S., Germany is reportedly contemplating imposing a 10% tax on major online platforms, including Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Meta Platforms Inc. (NASDAQ:META). What Happened: Wolfram Weimer, the new German Minister of State for Culture, disclosed this proposal in an interview with Stern magazine. This revelation comes before Chancellor Friedrich Merz's anticipated visit to Washington, although no official confirmation has been provided yet, reported Reuters. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — President Donald Trump has previously expressed his disapproval of foreign governments taxing American companies, pledging not to let them 'appropriate America's tax base for their own benefit.' Weimer accused big online platforms like Alphabet Inc. and Meta Platforms Inc. of 'cunning tax evasion.' He suggested that these companies, which generate billions in profits in Germany, contribute minimally to the country's tax base and society. Weimer also criticized the monopolistic tendencies of these digital platforms, arguing that they pose a threat to freedom of It Matters: This proposal comes amid growing international scrutiny of tech giants. The Trump administration has been critical of Europe's digital regulations, asserting that they pose a risk to free speech and American commercial interests. Furthermore, in April, European Commission President Ursula von der Leyen warned that the EU is preparing retaliatory measures that could include levies on digital advertising revenues from U.S. tech companies like Meta and Alphabet Inc. This was followed by Meta CEO Mark Zuckerberg urging President Trump to respond aggressively to these threats. If the German government proceeds with this tax, it would join Britain, Italy, France, Spain, Turkey, India, Austria, and Canada, which have imposed similar taxes on digital service providers. The shares of Alphabet fell 0.24% to close at $172.96 on Thursday, meanwhile Meta rose 0.23% to $645.05. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share! Photo courtesy: JHVEPhoto / Send To MSN: Send to MSN Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Germany Considers 10% Digital Tax On Tech Giants Alphabet, Meta: Report originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
2 days ago
- Business
- Reuters
German digital ministry treads cautiously over online platform levy
BERLIN, May 30 (Reuters) - Germany's new digital ministry said any levy on online platforms would have to be internationally coordinated and not result in higher prices for end consumers, in a sign on Friday of possible divisions within government over plans for such a tax. The Minister of State for Culture Wolfram Weimer had said in an interview published on Thursday that officials were working on a levy which would hit platforms such as Alphabet's Google (GOOGL.O), opens new tab and Meta's Facebook (META.O), opens new tab. A levy of 10% would be reasonable, he said - without specifying if this were a tax on revenue or profit. Germany's ruling parties agreed earlier this year to consider the introduction of a digital services levy, but this was not on the list of projects the coalition wants to prioritise. Weimer's proposal had not yet been agreed upon by the government, officials had said. "The decisive factors in evaluating such a levy are that it is designed in a targeted manner, is internationally coordinated and compatible with EU law, that any potential revenue benefits Germany as a hub for innovation, and that ultimately no higher prices are passed on to end consumers," a spokesperson for the digital ministry said. The proposal comes as Chancellor Friedrich Merz is expected to travel to Washington soon to meet with U.S. President Donald Trump, although a trip has not yet been officially announced. Trump has in the past said he will not allow foreign governments to "appropriate America's tax base for their own benefit". Industry association Bitkom warned that the levy could lead to price increases that would impact businesses, public administrations, and consumers. "These price increases will hinder and slow down the urgently needed acceleration of the digitalization of public services and the digital transformation of companies," said Bitkom President Ralf Wintergerst. "What we need is not more, but fewer financial burdens on digital goods and services."
CNA
2 days ago
- Business
- CNA
German digital ministry treads cautiously over online platform levy
BERLIN :Germany's new digital ministry said any levy on online platforms would have to be internationally coordinated and not result in higher prices for end consumers, in a sign on Friday of possible divisions within government over plans for such a tax. The Minister of State for Culture Wolfram Weimer had said in an interview published on Thursday that officials were working on a levy which would hit platforms such as Alphabet's Google and Meta's Facebook. A levy of 10 per cent would be reasonable, he said - without specifying if this were a tax on revenue or profit. Germany's ruling parties agreed earlier this year to consider the introduction of a digital services levy, but this was not on the list of projects the coalition wants to prioritise. Weimer's proposal had not yet been agreed upon by the government, officials had said. "The decisive factors in evaluating such a levy are that it is designed in a targeted manner, is internationally coordinated and compatible with EU law, that any potential revenue benefits Germany as a hub for innovation, and that ultimately no higher prices are passed on to end consumers," a spokesperson for the digital ministry said. The proposal comes as Chancellor Friedrich Merz is expected to travel to Washington soon to meet with U.S. President Donald Trump, although a trip has not yet been officially announced. Trump has in the past said he will not allow foreign governments to "appropriate America's tax base for their own benefit". Industry association Bitkom warned that the levy could lead to price increases that would impact businesses, public administrations, and consumers. "These price increases will hinder and slow down the urgently needed acceleration of the digitalization of public services and the digital transformation of companies," said Bitkom President Ralf Wintergerst. "What we need is not more, but fewer financial burdens on digital goods and services."
The Verge
2 days ago
- General
- The Verge
Posted May 30, 2025 at 3:51 AM EDT 0 Comments
The EU age verification app will launch in July. The app is described as a temporary solution until the EU rolls out a Digital Identity Wallet with age-checking features next year, aiming to support the enforcement of rules that require online platforms to protect minors. The app will allow users to verify their age without giving personal information to platforms, and was briefly mentioned on Tuesday when the EU Commission announced its probe into major porn sites.
CNA
3 days ago
- Business
- CNA
Germany weighs 10% tax on online platforms like Google
BERLIN :Germany is considering a 10 per cent tax on large online platforms like Alphabet's Google and Meta's Facebook, its new minister of state for culture told magazine Stern, in a move likely to heighten trade tensions with the Trump administration. The proposal comes as Chancellor Friedrich Merz is expected to travel to Washington soon to meet with U.S. President Donald Trump, although a trip has not yet been officially announced. Trump has in the past said he will not allow foreign governments to "appropriate America's tax base for their own benefit". Culture Minister of State Wolfram Weimer said officials were drafting a legislative proposal while also seeking talks with platform operators that he accused of "cunning tax evasion" to explore alternative solutions like voluntary contributions. "These corporations do billions in business in Germany with extremely high profit margins and benefit enormously from the country's media and cultural output as well as its infrastructure — but they pay hardly any taxes, invest too little, and give far too little back to society," he told Stern in an interview published on Thursday. Alphabet and Meta did not immediately respond to Reuters requests for comment. Germany's ruling parties agreed in a deal earlier this year to consider the introduction of a digital services levy, but this was not on the list of projects the coalition wants to prioritize. Weimer's proposal had not yet been agreed upon by the government, officials said. If the government goes ahead with the tax on sales revenue generated by digital services providers within its borders, it would join a raft of other countries to have done so such as Britain, France, Italy, Spain, Turkey, India, Austria and Canada. During Trump's first term, the U.S. Trade Representative's office launched a Section 301 investigation into unfair trade practices against several of these countries, finding they discriminated against U.S. companies, paving the way for retaliatory tariffs on certain imports. In February, Trump ordered his trade chief to revive investigations aimed at imposing tariffs on imports from countries that levy digital service taxes on U.S. technology companies. That does not, however, appear to have deterred the new German government, which took office earlier this month. Weimer accused the big digital platforms of building up "monopoly-like structures" that not only restrict competition but also concentrate media power too heavily", posing a risk for freedom of expression. "If Google, under pressure from Donald Trump, unilaterally renames the Gulf of Mexico to the Gulf of America— and simply decrees this due to its enormous power to shape meaning in global communication — then we can see the kinds of problems that lie within the current structures," he said.
