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New Zealand plans to tax multinational digital firms
- Tuesday | 19th February, 2019
WELLINGTON (Reuters) – New Zealand said on Monday that it plans to update its laws so it can tax revenue earned by multinational digital firms such as Google, Facebook and Amazon, extending a global effort to bring global tech giants into the tax net. The revenue estimate for a digital services tax is between NZ$30 million and NZ$80 million, Finance Minister Grant Robertson said in the statement. The value of cross-border digital services in New Zealand is estimated to be around NZ$2.7 billion ($1.86 billion). Digital services taxes (DST) are generally charged at a flat rate of two to three percent on the gross revenue earned by a multinational company in that country. “Our current tax system is not fair in the way it treats individual tax payers, and how it treats multinationals,” Ardern told reporters at her weekly post-cabinet news conference.
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