The Australian government, which has already imposed strict regulations on American tech firms operating in the country, now expects these companies to pay taxes to support Australian journalism.
On Tuesday, Australia unveiled draft legislation for a "News Bargaining Incentive," which would require major tech companies, including Meta, Google, and TikTok, to make commercial deals with news organizations or face a 2.25 percent tax on local revenue, reports The Wall Street Journal. Companies would be incentivized to comply by receiving offsets of either 150 or 170 percent, effectively reducing the tax. The legislation would not apply to AI companies.
