France estimates 400m euros from tax on internet heavies

Business | 11 Jul 2019 8:10 pm

France has adopted a pioneering tax on internet giants like Google, Amazon and Facebook despite threats from the U.S.

Just ahead of the vote today, French economy minister Bruno Le Maire said allies needed to settle differences “without using threats.”

The French Senate estimated that the tax could bring in 400 million euros this year and 650 million next.

Late yesterday, the Trump administration announced an investigation into the tax under the provision used last year to investigate  China’s technology policies, which led to tariffs on US$250 billion worth of Chinese imports.

The French digital services tax would impose a 3 percent annual levy on French revenues of digital companies with yearly global sales worth more than 750 million euros and French revenue exceeding 25 million euros.-AP


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