Australia Considers Digital Services Tax to Support Traditional Media Outlets Amid Social Media Influence

• In 2021, the Australian government introduced a News Media Bargaining Code requiring social media platforms to pay local media companies for using their content
• Social media platforms like Meta and Google faced fines if they did not comply with the Code
• Meta withdrew from the agreement, leading to discussions about introducing a Digital Services Tax on global revenue of social media platforms
• The proposed tax would fund institutions to monitor social media and support local media outlets
• Australia may follow the example of countries like France, Canada, and the UK in implementing a Digital Services Tax on social media platforms to protect traditional media companies

Source: 1stopvat.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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