Europe’s fight against Big Tech

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GAFAM, the acronym for Google, Apple, Facebook, Amazon, and Microsoft, has been accused of not paying enough taxes, restricting competition, stealing media material, and harming democracy by propagating fake news.

 

We discussed how the European Union has attempted to control Big Tech as a court in the European Union rules on a 2.4 billion euro ($2.8 billion) anti-trust fine against Google on Wednesday.

 

– A nobbling contest –

 

The digital behemoths are frequently chastised for monopolizing the market by squeezing out competitors.

 

The European Union has fined Google a total of 8.25 billion euros for abusing its dominating market position in numerous of its products.

 

The European Court of Justice in Luxembourg will rule on Google’s appeal of a 2.4 billion euro fine issued by the EU Commission in 2017 for abusing its influence over online retail competitors.

 

The EU penalized Microsoft 561 million euros in 2013 for forcing its search engine Internet Explorer on Windows 7 customers.

 

Amazon, Apple, and Facebook are all being investigated by the EU for suspected antitrust offences.

 

The EU has also announced proposals to slap massive fines of up to ten percent of a company’s revenues on tech companies that flout competition rules, perhaps leading to their demise.

 

– Taxation –

 

When the Group of Seven (G7) agreed in June on a minimum global corporation tax rate of at least 15%, aimed mostly at the IT giants, Germany, France, Italy, and Spain scored a big triumph.

 

Through elaborate tax avoidance methods, they have paid little or no tax for years.

 

In one of the most well-known cases, the European Commission found that Ireland provided “illegal tax benefits to Apple” in 2016 and ordered the corporation to pay the Irish taxpayer 13 billion euros plus interest.

 

After a European court ruled in favor of Apple, the Commission filed an appeal with the European Court of Justice.

 

Amazon was ordered to pay Luxembourg 250 million euros the following year.

Source: yahoo finance

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