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Turnbull Flags 10pc GST On Online Multinationals

Turnbull Flags 10pc GST On Online Multinationals

“The Australian media industry is under enormous pressure from online platforms, notably Google and Facebook,” he told a media conference. 

“The modest amounts of company tax both companies pay in Australia has been a matter of great concern, here as well as in other countries, and there is a global discussion going on about how these Internet Age companies should be taxed in a manner that delivers a fair return to the countries where they make most of their money.”

The volume of online advertising revenue levied by multinational giants such as Apple, Amazon and LinkedIn, is growing rapidly with predictions it could take in a third of the estimated $17 billion spent online by 2017.