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Australia to tax tech firms that earn $160 mn or more but don't pay for news

The real objective … is not to raise revenue - we hope not to raise any revenue. The real objective is to incentivise agreement-making between platforms and news media businesses in Australia,' A

The Australian government has introduced a new tax targeting multinational tech companies that generate at least AUD 160 million annually but do not pay for news content. This measure, part of the 2023-24 federal budget, aims to ensure that digital platforms compensate media companies for the news content they use. The tax, set at 30% of the company's revenue, is designed to level the playing field between tech giants and traditional media outlets. This initiative follows previous efforts like the News Media Bargaining Code, which compelled companies like Google and Meta to enter into commercial deals with news providers. The new tax is expected to generate AUD 200 million over the next four years, with the funds being redirected to support public broadcasters like the ABC and SBS, as well as other media outlets.

Read the Full Firstpost Article at:
https://www.firstpost.com/world/australia-to-tax-tech-firms-that-earn-160-mn-or-more-but-dont-pay-for-news-13844017.html


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