New EU Law Bursts Dot-Com Tax Bubble

[davaddavad]

On July 1, a new EU directive goes into effect requiring all Internet firms to account for value added tax, or VAT, on "digital sales."

The law adds a 15 to 25 percent levy on select Internet transactions such as software and music downloads, monthly subscriptions to an Internet service provider and on any product purchased through an online auction anywhere in the 15-member bloc of nations.

rest of article

[bizreport.com...]

[peewhy]

There must be a website with global guidelines.

I bet their FAQ pages will be endless.

We'll start to hear about the loopholes quicker than we can say VAT.