💨 Abstract

Italy is seeking €12.5 million from Elon Musk's social network X over a tax probe, hinging on user registrations being considered taxable transactions. This could change the business model of tech companies across the EU, as VAT is harmonised. The case mirrors a probe into Meta, with both companies awaiting a final decision from Italy's Revenue Agency, which could lead to a 10-year judicial review if no agreement is reached.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖