April 30, 2019 / 12:17 PM / 23 days ago

Czech finance ministry plans 7 pct rate for new digital tax

PRAGUE, April 30 (Reuters) - The Czech Finance Ministry said on Tuesday it was finalising a plan to tax global internet giants and will submit a proposal by the end of May for a 7 percent rate.

The ministry said the tax would be aimed at selected internet services, mainly advertising. It said the tax could become effective around mid-2020 and conservative estimates showed the digital tax adding 5 billion crowns ($218.72 million) annually to state budget revenue.

“The digital tax will apply to the most significant global players and is a reaction to the failure of solving this (issue) on the European Union level,” Finance Minister Alena Schillerova said. ($1 = 22.8600 Czech crowns) (Reporting by Jason Hovet; Editing by Alison Williams)

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