Exclusive-Italy extends big tech tax probe to Musk's X social network

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Exclusive-Italy extends big tech tax probe to Musk's X social network - Channel News Asia

Quick Summary:

MILAN : Italy is claiming 12.5 million euros ($13 million) from Elon Musk's social network X following a tax probe running parallel to one into Meta, four sources with direct knowledge of the matter said, the latest move in a potential test case for the tech sector in Europe.

Italy extended its domestic tax on digital services to small and medium-sized enterprises (SMEs) in November to try to overcome U.S.objections that the levy is discriminatory.

While the value-added tax claim is a trifling sum for X, a company that generated $3.4 billion in revenue in 2023, the case is significant as it hinges on the way social networks provide access to their services.