"must also file transparency reports, detail risk mitigation plans and pay an annual fee to the European Commission."
This is just another shake down. Quickly becoming the least business friendly place on Earth.
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For billion dollar US megacorporations? Yes, it better be, finally (even though this is a slap on the wrist they will pay). Look at China's rules for internet companies there. Or how friendly the US was with TikTok.
They are slaps on the wrists AND shake downs. The fines aren't to 'correct' bad behavior. Look at the EU delivery apps being found to participate in a cartel. They received a large fine but still allowed to keep what they gained and merged companies.
You know there is such a thing as law, "EU" can't just block a merger or take away their profits beyond a certain fee.
The fee is the only enforcement mechanism in the law. If you decide it is worth for you as a company to pay the fee and continue to break the law there isn't much that can be done except change the law to increase the fee.
It mostly just seems like the EU is becoming China.
Soon they will have to firewall off most of the internet. After that comes VPNs.
At least the EU is unlikely to agree on voting anyone in as a leader for life.
It's a maximum of 0.05% of the companies world wide income - scaled by their monthly users in the EU.
Strictly speaking OpenAI is a loss making company so wouldn't pay anything (like Amazon, Snap and Pinterest)
https://dig.watch/updates/meta-challenges-supervisory-fee-es...
It doesn't matter if you're losing money on paper, since the fee is on sales, not profit.
No it’s based on “net income”: revenue - expenses
> But there are a handful of designated platforms that aren’t paying anything in the first round as they reported a loss during the preceding financial year — including Amazon, Pinterest, Snapchat and Wikimedia.
Where is that quote from? The OP literally says it's based on "annual global sales", and so does this:
"6 % of the annual worldwide turnover"
Thats for fines - the comment I was replying to was referring to the annual fee not fines:
> "must also file transparency reports, detail risk mitigation plans and pay an annual fee to the European Commission."
> This is just another shake down. Quickly becoming the least business friendly place on Earth.
Ah I understand now, thank you, my mistake.
Which is also with good reason, as there's tons of ways to make your profit basically zero or even negative.
Companies are welcome to leave if they don’t agree with the rules, same as what they tell you when you sign their terms and conditions. Isn’t that how the free market works? No one is being forced to do anything.
With great power comes great responsibility. Beyond a certain size of corporation that may just be the only way to retain a scintilla of accountability.
But some people still appear to labour under the illusion that unchecked corporate greed will bring anything other than the end of human life on this planet.
It's all fun and games until you are technologically stunted and entirely dependent on others for it.
What do you mean by "until"? I would argue that this situation is the _result_ of being stunted and dependent in the first place.
This crank agrees with you: https://truthsocial.com/@realDonaldTrump/posts/1169760433188...
>This is just another shake down. Quickly becoming the least business friendly place on Earth.
Yes, exactly - isn't that the point?