World Bulletin / News Desk
EU finance ministers are set to discuss changing rules so that tech giants such as Google or Facebook are on the hook to pay more taxes in Europe, according to an EU document seen by AFP on Friday.
"It is urgent to close the gap in international tax rules in order to ensure the fair taxation of profits from businesses in the digitalised economy," said an EU document seen by AFP, prepared for a meeting of finance ministers in Estonia on September 15.
The paper was drawn up by the government of Estonia, which currently holds the EU's six-month rotating presidency and sees itself as a digital leader in Europe.
The document deplores the current situation in Europe in which taxing rights are held by EU nations with the "physical presence" of multinationals.
Instead, in the proposal, large digital businesses would be liable to pay corporate tax in the countries where they make profits, not only where they are present.
Many digital platforms operating in the EU are based in Ireland which offers a low corporate tax regime, allowing internet giants to escape a higher tax rate in other member countries.
Several national authorities in the EU have opened up tax fights with Google and other Internet giants.
A French court ruled in July that US internet giant Google was not liable for 1.12 billion euros ($1.27 billion) in taxes claimed by the state. France appealed the decision.
BIST 100 index rises 0.44 pct while US dollar/Turkish lira rate falls to 3.49
The day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46
Borsa Istanbul's BIST 100 index goes down 0.89 pct at close, USD/TRY rate stands around at 3.44