EU Agrees on Landmark Digital Services Tax

EU finance ministers reached unanimous agreement on a digital services tax that will apply to technology companies with European revenues exceeding €750 million per year.

The 3.5% levy on qualifying digital revenues is expected to raise €14 billion annually across the bloc. Revenue will be distributed to member states based on where users are located.

"This ends the era of digital giants profiting enormously in our markets while contributing disproportionately little," said the EU Tax Commissioner.