Brazil’s Government Prepares Proposal to Tax Big Tech

The Finance Ministry is working on a proposal for a new tax on technology giants to collect as much as 5 billion reais ($903 million) per year in additional revenue, says Folha de S.Paulo.

Another proposal for a global minimum tax, which would charge an effective rate of 15% on the profits of multinational corporations, is also at an advanced stage and should be submitted later in the year, according to the newspaper, which cited unidentified aides to Finance Minister Fernando Haddad.