MADRID (AP) — Spain’s Socialist government wants to introduce new taxes on big internet companies and on financial transactions as a way of paying for improved pensions and public services.
Finance Minister Maria Jesus Montero said Friday the proposed tax on digital services will be levied on companies with annual revenue of more than 750 million euros ($860 million) worldwide and earnings in Spain above 3 million euros. That would include U.S. internet giants like Google, Facebook and Amazon.
The financial transaction tax foresees a 0.2 percent tax rate on the purchase of Spanish stocks by financial sector operators.
It covers only stocks issued in Spain by listed companies with market capitalization of more than 1 billion euros. Debt and derivative purchases are exempt.
The planned laws require parliamentary approval.
