Author: Jon Porter
Illustration by Alex Castro / The Verge
Apple has settled its lawsuit with Chicago over the city’s so-called “Netflix tax,” according to a report from The Hollywood Reporter. The tax placed a 9 percent levy on “amusements that are delivered electronically” — essentially targeting streaming services.
The exact terms of the settlement weren’t made public. Though, Bloomberg Tax last year reported that revenues from the tax — widely thought to be the first of its kind — grew to over $30 million in the year ending June 30th, 2021.
The decision has been a long time coming. Chicago introduced the new tax in 2015 as it attempted to make up for the lost revenue from traditional brick-and-mortar stores. Apple filed its challenge in 2018, and was one of many groups and companies...
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Illustration by Alex Castro / The Verge
Apple has settled its lawsuit with Chicago over the city’s so-called “Netflix tax,” according to a report from The Hollywood Reporter. The tax placed a 9 percent levy on “amusements that are delivered electronically” — essentially targeting streaming services.
The exact terms of the settlement weren’t made public. Though, Bloomberg Tax last year reported that revenues from the tax — widely thought to be the first of its kind — grew to over $30 million in the year ending June 30th, 2021.
The decision has been a long time coming. Chicago introduced the new tax in 2015 as it attempted to make up for the lost revenue from traditional brick-and-mortar stores. Apple filed its challenge in 2018, and was one of many groups and companies...
Continue reading…
Continue reading...