Senate approves digital tax on tech giants

July 13, 2019
162 Views

France’s senate approved a tax on the revenues of tech giants like Google, Amazon and Facebook  defying a warning from the President Donald Trump administration that it “unfairly targets American companies.”

Recently, Trump ordered an investigation into France’s planned “digital tax” on tech companies. The 3% tax would apply to the French revenues of roughly 30 major companies, mostly from the U.S.

“France is sovereign, and France decides its own tax rules. And this will continue to be the case,” France’s Finance Minister Bruno Le Maire said in a statement.

He added the U.S. and France could find agreements, rather than using threats, to reach a deal on the “fair taxation” of internet giants.

In a statement U.S. Trade Representative Robert Lighthizer said the U.S. will investigate whether the French tax “is discriminatory or unreasonable and burdens or restricts United States commerce.” The investigation could lead to the U.S. imposing tariffs or trade restrictions on French goods, potentially escalating the global fight over trade.

Lighthizer added the U.S. will continue to support efforts by the Organization for Economic Development (OECD) to reach a multilateral agreement on taxes in the digital economy. The OECD has said it won’t come to a conclusion on a so-called digital tax until 2020.

France forged ahead with its own version of a digital tax earlier this year. The tax would apply to companies that generate worldwide revenues on their digital services of at least 750 million euros ($845 million), with 25 million euros ($28 million) from within France. Le Maire has said the tax would raise up to 500 million euros ($565 million) per year.

You may be interested

Peseiro Impressed As Eaglets Net 15 Goals In Two Friendly Games
Sports
1 views
Sports
1 views

Peseiro Impressed As Eaglets Net 15 Goals In Two Friendly Games

Webby - February 2, 2023

Super Eagles’ head coach José Santos Peseiro was on hand as Nigeria’s U17 boys, Golden Eaglets hammered Ikon Allah Academy…

2023 U-17 AFCON: Golden Eaglets’ll Aspire To Bag U-17 W/Cup Ticket –Ugbade
News
15 views
News
15 views

2023 U-17 AFCON: Golden Eaglets’ll Aspire To Bag U-17 W/Cup Ticket –Ugbade

Webby - February 2, 2023

Head coach of Nigeria’s national U-17 team, Nduka Ugbade, has said that the Golden Eaglets will aspire to win all…

Sanusi Admonishes Nigeria’s FIFA Referees To Be Firm, Fair, Efficient
Sports
Sports

Sanusi Admonishes Nigeria’s FIFA Referees To Be Firm, Fair, Efficient

Webby - February 2, 2023

General Secretary of Nigeria Football Federation, Dr Mohammed Sanusi has charged all 29 Nigerian referees who on Wednesday received their…

Leave a Comment

Your email address will not be published.