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BRUSSELS (Reuters) - European Union finance ministers will discuss next week a watered down proposal on an EU-wide digital tax, a document seen by Reuters shows, trying to persuade reticent governments to agree on the plan by the end of the year. Under a proposal from the European Commission in March, EU states would charge a 3 percent levy on the digital turnover of large firms such as Google and Facebook that are accused of routing their profits to the bloc’s low-tax states. While France and some other big EU states are pushing for a quick introduction of the tax, smaller countries such as Ireland or Luxembourg oppose the measure, fearing it could cut their tax revenues.
To overcome opposition, Austria, which holds the EU’s presidency, has proposed to set a “fixed expiry date” on the tax, the document said, The levy was always intended as a temporary solution on capturing scottish rampant lion coin cufflinks revenues from digital companies which escape many taxes thanks to their cross-border and virtual business, A “sunset clause” has already been backed by most of the 28 EU states, but has been so far linked to a global deal on tax reform, Under the Austrian proposal, the levy could end at a predefined date..
A lengthy global debate on the overhaul of digital taxation has produced no results as states tend to have different stances on the issue, and sometimes compete with each other on rates and other benefits to attract firms. Austria has also proposed excluding the sale of users’ data from the activities covered by the planned tax, softening the Commission’s proposal. Only revenues from online advertising services, in which Google and Facebook excel, and from virtual marketplaces, such as Amazon, would be subject to the new tax under the plan.
EU finance scottish rampant lion coin cufflinks ministers will discuss the Austrian “options” in their monthly meeting on Nov, 6 in Brussels, A third of EU states, including France, Italy and Spain, supported the Austrian plan in a meeting on Wednesday, diplomats told Reuters, calling for a deal by December, They pushed for an EU-wide deal because many states are planning to introduce similar national levies which could fragment the EU’s common market, Britain, which will leave the bloc in March, announced its plan to tax online platforms on Tuesday..
But a large number of states, including Germany, Sweden, Ireland and Malta, raised objections, diplomats said. All EU states must back the plan for the tax to be introduced. After initially backing the plan, Berlin has grown more skeptical, fearing that Washington will retaliate on the tax, which would hit mostly U.S. tech giants. “A tax should be based on income, not sales, and should not single out a specific industry for taxation under a different standard,” U.S. Treasury Secretary Steven Mnuchin said last week, urging a global solution instead of “unilateral action”.
(Reuters) - Yum Brands Inc (YUM.N) beat Wall Street estimates for third-quarter revenue and profit on Wednesday, as strong sales at KFC and Taco Bell more than made up for further weakness at Pizza Hut, sending its shares up as much as 5 percent, Competition between big U.S, fast food chains has intensified as Yum, McDonald’s Corp (MCD.N) and Domino’s Pizza Inc (DPZ.N) try to lure cash conscious customers with dollar menus, discounts and new breakfast items, To grab market share, Yum launched several value meal offers this year that included scottish rampant lion coin cufflinks Taco Bell’s $1 nacho fries and a $1 Triple Melt burritos as well as KFC’s “$20 Fill Up” meal..
The efforts helped the company register better-than-expected growth in same-store sales at both the chains. “Taco Bell is just doing everything really well,” Chief Executive Officer Greg Creed said. “The value price points are spot on.”. Same-restaurant sale at Taco Bell rose 5 percent. KFC, best known for its crispy fried chicken, reported a 3 percent rise. Pizza Hut, however, remained a dark spot, with same-restaurant sales falling 1 percent, due to declines in the United States, where it faces slowing demand.
The chain has been trying to turn itself around in its home market, ramping up promotional offerings such as the large two-topping pizza for $5.99, scottish rampant lion coin cufflinks But that has so far done little for the chain, which continues to lose customers to Domino’s, meal-kit companies and grocery stores that sell prepared food, “One of the big issues for Pizza Hut is that among younger age segments – especially students – it plays third fiddle behind Domino’s and even troubled Papa John’s,” Neil Saunders, managing director of GlobalData Retail said..