Willy Sutton still at large
“I rob the banks because this where the money is,” said the ill-famed American bank robber Willy Sutton. According to Financial Times, the European Union wants to impose a turnover tax on large technology companies (such as Google, Facebook and Apple), aiming to collect about $8 billion per annum. Willi Sutton’s criteria will be applied: a business must be turning over €750 million globally and over €50 million in the EU. We are not big fans of the technology giants, as they harm competition, but this looks to us like a mere money grab. Someone will have to pay for this in the end, i.e. Google’s, Apple’s and Facebook’s customers.