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Austria plans 3 percent tax on internet giants' profits

Austria plans 3 percent tax on internet giants' profits
FILE PHOTO: Austria's Chancellor Sebastian Kurz attends a news conference after a European Union leaders summit in Brussels, Belgium December 14, 2018. REUTERS/Eric Vidal   -   Copyright  ERIC VIDAL(Reuters)
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VIENNA (Reuters) – Austria will introduce a tax of 3 percent of the online profits of internet giants, defined as companies with sales of more than 750 million euros (£677.7 million) a year, Austrian Chancellor Sebastian Kurz said on Thursday.

The tax will be in addition to a planned European Union digital tax, Kurz told reporters at the start of a cabinet meeting on the outskirts of Vienna, adding that no Austrian companies would be hit by the new levy.

Austria has mentioned Amazon <AMZN.O> and Facebook <FB.O> as companies that would have to pay the tax.

(Reporting by Francois Murphy; Editing by David Goodman)

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