Bruno Le Maire, France's Finance Minister/Bloomberg
Under the plan, the tax will apply to any company with global revenue of more than EUR 750 million and French sales above EUR 25 million.
Monday 04, March 2019
(Bloomberg) – France’s Finance Minister has announced that the government intends to tax the revenue of about 30 internet giants such as Amazon.com to help ensure fiscal justice. according to
Bruno Le Maire, France’s Minister of Finance, said that the levy of as much as five per cent of French sales which will potentially raise about EUR 500 million ($570 million) for the state,
The US, Chinese and European companies may meet the levy criteria, including a few French businesses, the report said, as governments grapple with how to tax global internet giants that can generate huge domestic revenues from limited physical assets. Spain and the UK are also working on digital sales taxes, while Europe has so far baulked at a continent-wide levy.
France intends to tax revenues from local targeted ads, marketplaces and the re-selling of personal data.
Le Maire said there was no risk of the new measure clashing with a tax agreement between France and the US He discussed the plan with Steven Mnuchin during the US Treasury Secretary’s stop in Paris late last month.
The Organisation for Economic Co-operation & Development could eventually draw up a political accord on digital and data taxation, Le Maire said.