From Nasdaq:

TikTok has contested a 0.05% annual fee imposed by the EU to cover the cost of monitoring compliance with new digital regulations. Like Meta Platforms, the company disagrees with the fee calculation method and has appealed. Other large online platforms like Google, Apple, and Amazon are also subject to this fee, based on user numbers and profitability.

The European Commission is defending its decision to charge the fee, as it applies to 20 very large online platforms and search engines. The methodology for determining the fees was based on monthly active users and financial performance in the preceding year. Amazon and Elon Musk’s X, which posted losses in 2022, are not expected to pay, but Amazon will have to pay for this year due to returning to profit in 2023.

The deadline for payment was December 31, 2023. Despite challenges from TikTok and Meta Platforms, all very large online platforms and search engines are reported to have honored their commitments. The European Commission maintains that its decision and methodology are solid and will be defended in court.

For inquiries, contact Foo Yun Chee at [email protected] or on Reuters Messaging at [email protected]. This news is brought to you by Nasdaq and does not necessarily reflect the views and opinions of Nasdaq, Inc.



Read more: TikTok challenges EU supervisory fee, following Meta’s footsteps