The Australian government has escalated the proposed tax standards, mandating that tech behemoths pay increased sums if they are unable to secure commercial agreements with local media outlets concerning news content displayed on their platforms. On Monday, the government unveiled plans to elevate the tax rate under the 'News Bargaining Incentive Scheme' from 2.25% to 2.5%. Furthermore, it clarified that the tax would be computed exclusively on the basis of tech firms' advertising revenue, rather than their overall business revenue. This tax is applicable to companies offering 'significant' social media or search services within Australia and generating annual local revenue surpassing A$250 million (approximately US$175.7 million), encompassing giants like Meta, Google, and others. Concurrently, the exemption previously granted to professional social networking sites has been rescinded, bringing LinkedIn under the regulatory umbrella as well. The government emphasized that all proceeds from this tax will be earmarked for bolstering local journalism.