Italy’s digital services tax is expected to bring in 708 million euros ($785 million) annually, according to a Senate report accompanying the country’s 2020 draft budget law.
The 3% tax on online advertising, online sales, and data processing is scheduled to take effect Jan. 1.
- The tax will apply to companies with global annual revenue of at least 750 million euros and at least 5.5 million euros from digital services provided in Italy.
- The government previously estimated the tax would raise 600 million euros annually.
- The Italian Parliament originally approved the tax as part of the 2019 budget,...