DJ Scholz wants to promote mandatory reporting for digital platforms
By Andreas Kißler
BERLIN (Dow Jones) – Federal Finance Minister Olaf Scholz (SPD) wants to reach a resolution by the European Union (EU) on the more effective taxation of digital platforms by the end of the year. The Council of Finance Ministers is currently working on the EU-wide introduction of a reporting obligation for the operators of digital platforms, which should make it easier for the tax authorities to tax the income generated on these platforms more effectively. “My goal is to reach an agreement on this legislative proposal by the end of the Council Presidency,” explained Scholz. “We’ll then create more tax equity.” Scholz will chair the Council of Finance Ministers until the end of the year.
Taxation of the digital economy is the subject of a video conference of EU finance ministers. The main concern here is “that income generated on digital platforms such as AirBnB or Ebay is actually taxed,” said Scholz in a video statement before the conference. It must remain fair between those who open business “on the next street” and those who operate on a digital platform. Everyone should make their fair contribution to the common good. “This also applies to the digital economy,” emphasized Scholz.
Another big topic of the meeting is the fight against money laundering. “We want to create the legal framework for the supervisory structures at European level to be stronger and more efficient than they are today,” announced Scholz. At the conference, very far-reaching Council conclusions on this should be politically decided in order to give the EU Commission “a clear direction” for the legislative steps announced in 2021.
In addition, the aim is to reduce non-performing loans in the bank balance sheets, which, according to Scholz, “will become even more important again in the wake of the Corona crisis”. Although great progress has been made in recent years and many non-performing loans have been reduced, the subject will “gain new meaning” because of the current difficult situation. According to Scholz, the finance ministers want to work on an action plan with which the “future need for action” is to be determined.
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(END) Dow Jones Newswires
November 04, 2020 06:07 ET (11:07 GMT)
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