Andreas Krautscheid, Chief Executive of the Association of German Banks, on the European Commission’s proposal for the taxation of the digital economy:

21 March 2018

“As important as it is to have an initiative at European level to tax the digital economy in order to eliminate shortcomings in the taxation of US internet firms, the Commission’s proposal for a tax on digital services is not thought through and would inflict considerable collateral damage on the European economy. If the new tax is introduced as currently envisaged, it will also, and above all, hit companies in the EU – with the corresponding adverse effects on the attractiveness of Europe as a place to do business and on Germany. Appropriate taxation can only take the form of an international solution in which profits are attributed to the countries where value-adding activities take place. Only the OECD can do this. It’s now up to Europe’s heads of government and state to steer the Commission’s proposal onto the right track.”

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