Dear Smt Sitharamanji ,
India is a party to
the 2021 OECD-sponsored agreement between 140 countries, to levy minimum global corporate tax of 15% on
multinational companies
To best of my
knowledge, this has not been implemented by India, so far
If – and when – we try
to implement it , legal battles will never end
In the meantime , BIG TECH are having a field-day, compiling private / personal USER DATA ( without their explicit / informed consent ) – then SELLING that data to advertisers to mint BILLIONS of dollars, year after yea
r
I urge you to
consider my several earlier emails , suggesting a simple method of enabling
India’s 500 million users of Big Tech, to monetize their personal data , by
forcing Big Tech to compensate the users
Eg ; Even if Big Tech
companies are required to pay $ 100 ( Rs 8300 ) per year to our 500 million
users , that would amount to $ 50 Billion / year
Compare this with
figure of $ 66.3 Billion mentioned in the last column of following tabulation
At the bottom of this
mail, I list my earlier emails
With regards,
Hemen Parekh
www.hemenparekh.ai / 08
Mar 2024
Source > HINDU Business Line – 03 March 2024
How Much BIG TECH companies Scooped In - $ Billions :
|
|
A |
B |
C |
D |
|
|
Year |
Total Market
Cap |
Total Revenue |
Total Net
Profit ( post tax ) |
15 % of C |
|
|
|
|
|
|
|
|
|
2022 |
7512 |
1614 |
286 |
42.9 |
|
|
|
|
|
|
|
|
|
2023 |
11709 |
1770 |
363 |
54.5 |
|
|
|
|
|
|
|
|
|
2024 |
13404 |
1953 |
445 ( more than total
receipts forecast in India’s interim Budget for FY 2025 ) |
66.3 |
|
Estimated Capex - $ Billions
|
Year |
Amazon |
Microsoft |
Alphabet |
Meta |
Apple |
Tesla |
Nvidia |
Total |
|
|
|
|
|
|
|
|
|
|
|
2022 |
64 |
24 |
31 |
31 |
11 |
7 |
2 |
170 |
|
|
|
|
|
|
|
|
|
|
|
2023 |
53 |
28 |
32 |
27 |
11 |
9 |
1 |
161 |
|
|
|
|
|
|
|
|
|
|
|
2024 |
59 |
43 |
38 |
35 |
11 |
10 |
2 |
195 |
|
|
|
|
|
|
|
|
|
|
|
Total |
176 |
95 |
101 |
93 |
33 |
26 |
5 |
526 |
Highlights :
Ø For example, the capex incurred by the Magnificent Seven
companies in FY 24 is nearly 50 percent more than the entire FY 25 capex outlay
of the Indian government, as per the interim budget
Ø Citizens , too, may not have much control how their
private data is used
Related Readings :
CCI
can now impose fines based on cos' global turnover .. ET
.. 06 Mar 2024
--------------------------------------------------------------------------------------------------------------
New
antitrust law may cover Big Tech with 10% India operations … ET … 07
Mar 2024
Extract :
The
panel could suggest that if 10 % of a digital
entity’s “ Global User / Customer / Subscriber Base “ , or “ Gross Merchandize
Value ( business transactions ), or “ Turnover “ in the past 12 months or last
financial year is in India, it will be deemed to have substantial business
operations here
Ex-ante
regulations aim to disallow particular practices from being pursued. Ex-post
refers to entities being investigated for wrongdoings AFTER it’s taken place
---------------------------------------
What do these
figures look like ? Upon consulting
Gemini and ChatGPT , I have put together following tabulation ( combining data
furnished by both ) :
|
Big Tech |
No of Users in India ( Million ) |
No of Users worldwide ( Million ) |
% age ( Indian Users ) |
|
|
|
|
|
|
Amazon |
150-200
(Estimated) |
430 + |
34.9 % – 46.5 % |
|
|
|
|
|
|
Alphabet |
500+ million
(as of 2020) |
5+ billion
(as of 2021) |
Ø 10 % |
|
|
|
|
|
|
Meta ( Facebook ) |
340+ million
(as of 2020) |
2.8+ billion
(as of 2021) |
>
12 % |
|
|
|
|
|
|
Apple |
? |
1.5+ billion
(as of 2021) |
|
---------------------------------------------------------------------------------------------------------------
As
Big Tech scrambles to meet EU rules, investigations seen as likely .. Reuters … 07 March 2024
Extract :
The world's biggest tech
companies have overhauled their core platform services to comply with EU rules forcing them to play fairer with rivals but will likely face
investigations ahead amid criticism their efforts may have fallen short.
The Digital Markets Act (DMA) is one of the
most comprehensive
regulatory actions to rein in so-called " Big Tech "
- Google, Apple, Amazon, Microsoft, Meta and TikTok owner ByteDance - and is expected to reshape the global technology industry after decades
of unfettered growth.
Criticism from rivals and
users and cautionary comments from watchdogs suggest a couple of the six
companies may be in the regulatory crosshairs over potential non-compliance in
the coming months.
If any of the six tech giants
are not compliant with the Digital Markets Act (DMA) by the EU's Thursday
deadline, they could ultimately face investigations and potentially fines of up to 10% of
their global turnover.
The European Commission's
reaction to the compliance efforts could take several months as they review the changes and build up a watertight case able to withstand a legal
challenge.
Apple (AAPL.O), opens new tab is the most affected by the DMA,
which forces the iPhone maker to open
up its closed ecosystem such as allowing software developers to
distribute their apps to users in the European Union outside of its own App
Store.
Yet its introduction of new
fees such as a "core technology fee" of 50 euro cents per user
account each year even if developers opt not to use Apple's App Store or
payment system has already caught EU antitrust chief Margrethe Vestager's eye.
Vestager said on Monday that
novel fee structures should not undermine the incentives for businesses to
switch to rivals, after handing a 1.84 billion euro ( $ 2 billion ) fine to Apple for thwarting
Spotify (SPOT.N), opens new tab from showing
other payment options outside its App Store. Apple has said it will appeal the
decision and declined to offer further comment.
Minimum
15% global corporate tax has so many loopholes it will only generate half the
revenue expected, report warns .. Fortune … 23 Oct 2023
Extract :
An ambitious 2021 agreement by more than 140 countries and
territories to weed out tax havens and force multinational corporations to pay
a minimum tax has been weakened by loopholes and will raise only a fraction of
the revenue that was envisioned, a tax watchdog backed by the European Union
has warned.
The landmark agreement, brokered by the
Organization for Economic Cooperation and
Development, set a minimum global corporate tax of 15%. The idea was to stop multinational
corporations, among them Apple and Nike, from using accounting and legal
maneuvers to shift earnings to low- or no-tax havens.
Much of the hoped-for revenue has been drained away by
loopholes, some of them introduced as the OECD has been refining details of the
agreement, which has yet to take effect. The watchdog group estimates that a
15% minimum tax could have raised roughly $270 billion in 2023. With the loopholes, it says, that
figure drops to about $136 billion.
=================================================
My Earlier E-Mails on Monetization of Personal Data :
Rajeevji
: No big deal ……………………………………………………………… 08 Feb 2024
Rajeev Chandrasekharji : How about a Big Bang ? ……………… 20 Jan 2023
Ø
If DEPA =
Foundation , then SARAL = Superstructure ………………. 08 May 2022
Ø SARAL ( Single Authentic Registration
for Anywhere Login )…. 10 Feb 2019
Ø Digital
Dividend from Demographic Data [ 4 D ]…………
……………. 14 Feb 2019
Ø Only Answer : a Statutory
Warning……………………………………………….. 10 Nov 2018
Ø Privacy for Sale …………………………………………………………………………. 26 Aug 2017