Exclusive: Social media giants Facebook, Google and Twitter will escape a $200 million tax in next month's budget | ErykBagshaw
Social media giants Facebook, Google and Twitter will escape a $200 million tax in next month's budget, despite coming under intense pressure from the government over their activities in the wake of the Christchurch terrorist attack.
Despite Britain, France, Italy, Hungary and India cracking down on millions of dollars in tax revenue leaking overseas, consultation with the industry's stakeholders in Australia has not been completed since submissions closed in November."The government is considering the submissions to its consultation paper," Treasurer Josh Frydenberg said.
A mooted 3 per cent impost on advertising revenue would slug Facebook and Google for up to half-the digital tax bill in Australia, raking in an estimated $100 million a year. The Coalition's shift is a significant walk-back from May last year when Mr Morrison told the G20 that constituencies are growing "increasingly and understandably impatient at the progress" being made in ensuring the digital industry paid their share of tax.
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