The Front Page Facebook and Google slapped with surprise new tax
Feb 18, 2019
18:43
Google and Facebook are among the internet giants facing a surprise tax.
That's news that has just been broken by the New Zealand Herald and Newstalk ZB, and confirmed by the Prime Minister.
The issue is multinational companies selling good or services online, and then running profits through low-tax countries.
It's been a looming issue in New Zealand for several years.
The Herald tax gap investigation into corporate tax avoidance in 2016 found 20 of the most aggressive multinational companies recorded $10b in annual revenues but collectively paid less than $1.8m in corporate income taxes.
And a report set to be released later this week could see the rest of us paying a capital gains tax.
That's news that has just been broken by the New Zealand Herald and Newstalk ZB, and confirmed by the Prime Minister.
The issue is multinational companies selling good or services online, and then running profits through low-tax countries.
It's been a looming issue in New Zealand for several years.
The Herald tax gap investigation into corporate tax avoidance in 2016 found 20 of the most aggressive multinational companies recorded $10b in annual revenues but collectively paid less than $1.8m in corporate income taxes.
And a report set to be released later this week could see the rest of us paying a capital gains tax.
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