The European Union’s tax revisions

If the European Commission had its way, MP3 player owners in Europe would be facing a  tax revision that will jack up the iPod‘s price by a wallet-burning 25 euros ( USD).

The law, already under fire from companies like  Nokia and Philips Electronics, was introduced back in the 1960s on tapes to compensate musicians for privately copied music. It’s undergoing revisions this year, and would include blank CD’s and MP3 players (phones included, since they can store tunes, too) in its revised itinerary.

Dirk Visser, attorney for the electronic industry, had this to say regarding the revision. “This will lead to double or triple taxation. Soon, a consumer will pay rights to the artists when he buys on iTunes, then again when he buys a blank disc, and undoubtedly it will be extended to mobile phones which can also store music.”

The law is expected to collect 1.57 billion Euros (roughly billion USD) in its corresponding states this year, and a further 4.67 euros (roughly $ 6 billion) next year. Some countries like Britain are yet to implement these taxes. The European Commission is expected to publish their views by the end of the year, though countries like Denmark are already going through the motions of implementing the tax law.

Via Yahoo News

If the European Commission had its way, MP3 player owners in Europe would be facing a  tax revision that will jack up the iPod‘s price by a wallet-burning 25 euros ( USD).

The law, already under fire from companies like  Nokia and Philips Electronics, was introduced back in the 1960s on tapes to compensate musicians for privately copied music. It’s undergoing revisions this year, and would include blank CD’s and MP3 players (phones included, since they can store tunes, too) in its revised itinerary.

Dirk Visser, attorney for the electronic industry, had this to say regarding the revision. “This will lead to double or triple taxation. Soon, a consumer will pay rights to the artists when he buys on iTunes, then again when he buys a blank disc, and undoubtedly it will be extended to mobile phones which can also store music.”

The law is expected to collect 1.57 billion Euros (roughly billion USD) in its corresponding states this year, and a further 4.67 euros (roughly $ 6 billion) next year. Some countries like Britain are yet to implement these taxes. The European Commission is expected to publish their views by the end of the year, though countries like Denmark are already going through the motions of implementing the tax law.

Via Yahoo News