The Spanish government will now require streaming companies to pay a 5% tax to help finance European content, Advanced Television reported Nov. 9.

Dominant streaming companies, including Netflix Inc., Amazon.com Inc.'s Prime Video and Home Box Office Inc.'s HBO Go, will be required to pay taxes. Streaming platforms will also be required to provide their subscriber-base and fees in Spain. The deadline for compliance is Dec. 3.

The government will only exempt tax collection from streaming companies that earn below €10 million in the country.

About 70% of the tax collected will be given to independent producers, who are required to produce up to 40% of their content in Spanish or other local languages.

Streaming companies with revenues below €50 million can acquire "exploitation rights of already finished audiovisual TV content."