business / news / / New York Post
The proposed law would impose a 2.25% tax on the local revenues of the social media giants that are unable or unwilling to reach deals with news outlets.
Australia's draft law would levy a 2.25% tax on Meta, Google, and TikTok's local revenues.
KEY POINTS
- The tax rate drops to 1.5% if enough commercial agreements are reached with news outlets.
- The initiative is projected to generate A$200 million to A$250 million in revenue annually.
- The law is set to take effect July 1 if approved, supporting Australian journalism directly.
COMPANIES
Summarized by Newsio from New York Post. How we summarize →