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9/14/2020, 12:07 PM (Source: TeleTrader)
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EU digital tax to finance social programs - Dombrovskis

European Union Executive Vice President Valdis Dombrovskis (pictured) said on Monday that the digital tax is necessary in order to finance future social programs.

"We need to address the digital taxation, and we need to do it preferably internationally because especially the digital economy is quite globalized," Dombrovskis said through an online platform speaking at Austria's Alpbach economic forum.

The EU's €1.1 trillion budget proposed in May contained provisions that could see the introduction of a digital tax for the period of 2021 to 2027. Consequently, German Finance Minister Olaf Scholz announced in late August that an international agreement on a digital tax is to be presented this fall.

Breaking the News / AM