Australia moves to tax Meta, Google and TikTok to fund newsrooms

""It shouldn't just be able to be taken by a large multinational corporation and used to generate profits for that organisation with no compensation appropriate for the people who produce that creative content," Albanese told reporters."

""We think that investment in journalism is critical to a healthy democracy," he added."

"The proposed News Bargaining Incentive would charge major platforms that choose not to strike commercial deals with news publishers a 2.25% tax on their Australian revenue."

"The government expects the incentive would raise between 200 to 250 million Australian dollars ($144 million) for funding journalism."

Australia has proposed a tax on digital giants like Meta, Google, and TikTok, aiming to fund journalism by requiring these companies to pay a portion of their revenue. The draft legislation, expected to be introduced by July 2, seeks to create financial incentives for social media platforms to negotiate deals with news organizations. Prime Minister Anthony Albanese emphasized the importance of compensating journalists for their work, stating that investment in journalism is vital for a healthy democracy. The proposed tax would be 2.25% on revenue for platforms that do not engage in commercial agreements with news publishers.

Read at WPXI