The Spanish government has approved a draft law that will see large online tech companies such as Amazon, Google and Facebook taxed 3% of their digital revenues.
Quoting Isabel Celaa, the cabinet’s spokeswoman, Reuters reports that it would result in the state receiving some €1.2 billion each year.
She added that the tax would apply to companies with annual global revenues of over €700 million and €3 million in Spain. Furthermore, it was in line with EU proposals, which last year suggested a 3% tax.
A EU-wide tax is supported by most member states, though some, including Ireland, have voiced their opposition.
Alongside the new draft law, the Spanish government has also approved a legislation that will see financial transactions taxed at 0.2%. The move is expected to raise over €850 million a year.