Live: Big tech faces higher tax if it does not reach deals with local publishers
Tech companies will be forced to pay a 2.5 per cent tax on digital advertising revenue if they do not reach deals with media companies. Follow live.
The government's revised News Bargaining Incentive draft legislation will impose a 2.5 per cent tax on digital advertising revenue for tech companies that fail to reach agreements with media companies. Microsoft, Snapchat, and OpenAI are excluded from the incentive. Assistant Treasurer Daniel Mulino stated that the government has deliberately separated AI companies from the incentive, with a separate process being developed for AI manipulation concerns.
The legislation aims to ensure tech platforms compensate publishers appropriately for sharing news content.
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