Observed Signal · Jul 27, 2022 · Policy Update · Source: Trending Topics · Impact: 2/5 · Sentiment: Negative
Austria's digital tax to raise €100M in 2022, says Finance Minister
In an exclusive interview with Trending Topics, Austrian Finance Minister Magnus Brunner reported that the country's digital tax on online advertising services is projected to generate approximately €100 million in 2022, significantly exceeding the original forecast of €20 million. The tax, effective since January 2020, targets large tech companies including Google, Facebook, Amazon, TikTok, Apple, and Microsoft, based on thresholds of €750 million global revenue and €25 million domestic online ad revenue. Brunner indicated Austria would repeal the national tax if a consensus-based OECD or EU-wide solution is achieved. The conversation also covered the country's crypto taxation at a 27.5% rate, the debate over eliminating the capital gains tax holding period, inflation relief packages totaling €4 billion, and the postponement of CO2 pricing. Brunner expressed skepticism toward windfall taxes and national price caps, advocating for market-based approaches.
Austria's digital advertising tax is generating significantly more revenue than expected, reinforcing regulatory cost pressure on global ad platforms in Europe, but the impact is limited to a single country.
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Key Takeaways & Evidence Grounding
- Austria's digital tax on online advertising services is expected to raise around €100 million in 2022, up from an initial forecast of €20 million per year.
- The tax has been in effect since January 1, 2020, and applies to companies with worldwide revenues of at least €750 million and domestic online advertising revenue of at least €25 million.
- Affected companies include Google, Facebook, Amazon, TikTok, Apple, and Microsoft.
- Finance Minister Magnus Brunner stated Austria would dismantle its national digital tax if a global or European solution is agreed upon.
- The interview also discussed a 27.5% flat tax rate on cryptocurrency gains, matching the existing capital gains tax.
Connected Companies & Entities
8 Entities mapped“Tech companies such as Google, Facebook, Amazon, TikTok, Apple, or Microsoft fall under this tax....”
“Tech companies such as Google, Facebook, Amazon, TikTok, Apple, or Microsoft fall under this tax....”
“Tech companies such as Google, Facebook, Amazon, TikTok, Apple, or Microsoft fall under this tax....”
“Tech companies such as Google, Facebook, Amazon, TikTok, Apple, or Microsoft fall under this tax....”
“Tech companies such as Google, Facebook, Amazon, TikTok, Apple, or Microsoft fall under this tax....”
“When you look at windfall profits of companies like Shell, you can understand why people demand such taxes....”
“The Tesla stock has been a risky investment....”
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