French lawmakers approve three% tax on on-line giants

internet giants like Google, Amazon and Facebook. The bill adopted Thursday by the National Assembly aims to stop multinationals from avoiding taxes by setting up headquarters in low-tax EU countries. (AP Photo/Thibault Camus, File)”>

On this Jan.17, 2017 file photograph, the Fb emblem is displayed in a start-up firms gathering at Paris’ Station F, in Paris. France’s decrease home of parliament has accredited a pioneering tax on web giants like Google, Amazon and Fb. The invoice adopted Thursday by the Nationwide Meeting goals to cease multinationals from avoiding taxes by organising headquarters in low-tax EU international locations. (AP Picture/Thibault Camus, File)

France’s decrease home of parliament accredited Thursday a small, pioneering tax on web giants like Google, Amazon and Fb—and the French authorities hopes different international locations will observe go well with.

The invoice goals to cease multinationals from avoiding taxes by organising headquarters in low-tax EU international locations. Presently, the businesses pay almost no tax in international locations the place they’ve massive gross sales like France.

The invoice foresees a three% tax on the French revenues of digital firms with international income of greater than 750 million euros ($847 million), and French income over 25 million euros.

The invoice adopted by the Nationwide Meeting goes to the Senate subsequent week, the place it’s anticipated to win ultimate approval.

The tech trade warns it might result in increased prices for shoppers.

It might have an effect on U.S. firms together with Airbnb and Uber in addition to these from China and Europe. It primarily targets people who use shoppers’ information to promote internet advertising.

The French Finance Ministry has estimated the tax will elevate about 500 million euros ($566 million) a 12 months this 12 months however that ought to improve “shortly.”

France failed to influence EU companions to impose a Europe-wide tax on on-line giants, however is now pushing for a world take care of the 34 international locations of the Group for Financial Cooperation and Improvement.

Austria proposes taxing web giants 5 % of advert income

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French lawmakers approve three% tax on on-line giants (2019, July four)
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