Google, Facebook, Others Soon Going to be Taxes Higher by EU?

The EU Finance Ministers have put forward an interesting proposal that could definitely have Google and Facebook seeing red…and green. At the finance minister summit on Saturday the Estonian capital of Tallinn, France and Germany urged the bloc partners to consider an emergency tax bill. This tax bill will force internet companies to pay taxes in every country where they earn revenue, rather than in only locations where they book profits. At the moment, most of the internet giants have EU headquarters in strategically placed low-tax states like Ireland and Luxembourg. Most of these offices post little or no profit and sometimes they even claim a loss. But, if they had to instead pay taxes in every country where they have revenues, this would be a game changer.

Lear more by reading the full article.

Dublin Tops the List for Brexit Moves

Certainly, when Brexit goes through, many will need to figure out where to move thousands of jobs. Many finance institutions have only until Friday to tell the Bank of England how they plan to deal with the changes that a hard Brexit will cause.

And at the moment, many eyes appear to be on Dublin. 19 of the biggest 222 financial services companies in the UK have mentioned a possible move to Dublin. As chief executive of Barclays, Jes Staley explained, “Barclays Bank Ireland, which has a banking licence and which we have operated for almost 40 years, provides a natural base and we are engaging with our regulators in discussions to extend its activities.”

JP Morgan’s chairman and chief executive, Jamie Dimon, was also apparently discussing the American bank’s expansion into Dublin.

The second most popular destination? Frankfurt had 18 mentions in the research. Luxembourg was discussed third with 11 and Paris was ranked as fourth.

Learn why Dublin interests so many and what it might mean for the UK.

All Eyes on Google

Google is in for an awakening, according to The New York Times. The European antitrust officials are preparing to slap Google with a record fine by the end of August. Margrethe Vestager, the EU’s competition chief, is in the final stages of ruling on the case. In addition to a fine of at least $1.2 billion, European officials could also make Google alter how it operates in the area to allow for more competition.

There are actually three investigations that the EU has against Google at the moment. Learn more here and pay attention in the coming months to see what happens with the EU and its case against Google.

Eastern European News

Should Ireland Make an Exit Soon Too?

This article is worth reading, as it argues that Ireland should exit, as England has done. As the author states, “Behind the charade of a “unified stance” on Brexit is a deeply divided EU with competing national agendas which have been whipped into a facile unanimity. The pressure not to break ranks is huge. In his acclaimed book Adults in the Room: My Battle With Europe’s Deep Establishment, former Greek minister for finance Yanis Varoufakis documents the devastating reality of such pressures.”

Read the entire piece to learn more.

Staples Selling Its European Stakes

Staples has announced that it will be selling a controlling stake in its European business to the private equity firm Cerberus Capital Management LP. They will sell it for 50 million euros ($53.65 million). The European unit for Staples includes retail, contract and online businesses that are in 16 countries. They generate an annual sale of approximately 1.7 billion euros.

Staples plans to retain a 15% stake in the European business. This deal follows on the heels of Office Depot, which has also said that it is selling its European operations to Aurelius Group.

Staples expects to complete its European sale during the first quarter of its fiscal year beginning February 2017.

Read more details here.