The South Korean government is planning on taxing Google, Apple, Amazon, and other major international technology companies for the sales they generate inside the country.
The government will move quickly to impose taxes on Google, Apple, Amazon and other global IT companies. This follows policymakers and lawmakers paying greater attention to growing criticism that the firms earn billions of dollars in sales here annually but pay no taxes. Naver, Kakao and other domestic companies have been complaining for years about “an uneven playing field,” arguing their foreign rivals should pay corporate income tax on the revenue they generate in Korea.
Corporate taxation has basically been a well-orchestrated sham of loopholes over loopholes put in place through corruption (under the euphemism of “lobbying”) that has gone on so long that most – if not all – multinationals pay little to effectively zero taxes, while smaller, local companies and individuals pay their full taxes. This clearly has to end – if my own small translation company has to pay – say – 20% in taxes over the revenue it generates, so should Apple, Google, and whomever else over the revenue they generate here.
This house of cards has to come tumbling down.