The Australian Government raised a proposed levy that would force tech giants to pay millions of dollars if they fail to reach commercial agreements with local media about news content on their platforms. The government said on Monday that it had raised the tax rate for its planned “News Negotiation Incentive Program” from 2.25% to 2.5%. The government said that compared to the previous proposal, the tax would only be based on the tech company's advertising revenue, not its entire business revenue. The tax applies to companies with “significant” social media or search services in Australia with local revenue exceeding $250 million, including Meta, Google, etc. Furthermore, the exemptions for professional social networking sites have been lifted, and LinkedIn has been included in the scope of regulation as a result. The government said all funds raised will go to the news media industry to support local journalism.

The Australian Government raised a proposed levy that would force tech giants to pay millions of dollars if they fail to reach commercial agreements with local media about news content on their platforms. The government said on Monday that it had raised the tax rate for its planned “News Negotiation Incentive Program” from 2.25% to 2.5%. The government said that compared to the previous proposal, the tax would only be based on the tech company's advertising revenue, not its entire business revenue. The tax applies to companies with “significant” social media or search services in Australia with local revenue exceeding $250 million, including Meta, Google, etc. Furthermore, the exemptions for professional social networking sites have been lifted, and LinkedIn has been included in the scope of regulation as a result. The government said all funds raised will go to the news media industry to support local journalism.