EU Introduces Regulatory Fee For Big Online Platforms

  • Major online platforms will face a fee of up to 0.1% of annual net income to cover the costs of monitoring compliance with new European Union rules, Reuters reports.
  • The EU countries and lawmakers would likely settle the Digital Services Act (DSA) rules later this month. 
  • The overall amount of the annual supervisory fees shall depend on the Commission's estimated costs concerning its supervisory tasks under this Regulation.
  • The law exempted not-for-profit providers of extensive online platforms and massive online search engines.
  • "The fee shall not exceed 0.1% of the global annual net income of the provider of very large online platforms (or very large search engine) in the preceding financial year," the document said.
  • Alphabet Inc GOOG GOOGL Google expressed its support for the law.
  • Price Action: GOOG shares traded lower by 1.32% at $2,834.74 on the last check Tuesday.
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