The EU plans to take on the tech giants with a massive new turnover tax

Tech companies have an innate aversion to paying their fair share of tax, with many well-known giants avoiding their responsibilities thanks to legal (but morally repugnant) schemes like the Dutch sandwich, the double Irish, and the double Irish with a Dutch sandwich. The good times are coming to an end, courtesy of the European Commission, which is planning a special “tech tax.” This tax, which is due to be announced later this month, will see specific companies taxed not on their profits, but rather on their turnover. That’s because many of the tax avoidance schemes rely on minimizing declared profits…

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