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France to slap Apple, Google with new digital tax in 2019
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IANS | 18 Dec, 2018
With efforts to reform a European Union tax law not bringing the desired
results, France is going to introduce from January 1, 2019 a digital
tax on technology giants such as Google, Facebook, Apple and Amazon, the
media reported.
The French government's "GAFA" tax" is being
introduced to combat attempts by the firms to avoid paying what is
considered a "fair share" of taxes in the country, by taking advantage
of European tax laws, Appleinsider reported on Monday.
The new
tax regime is expected to bring in an estimated 500 million euro ($570
million) to the country's cofferes for 2019, according to French Finance
Minister Bruno Le Maire, The Local Fr said in a report.
Major
technology companies have come under the scrutiny of lawmakers in
countries like France and Britain for allegedly routing profits through
operations in countries with extremely low tax rates or other
arrangements.
Earlier this year, the European Commission
published proposals for a three per cent tax on the revenues of major
tech companies with global revenues above 750 million euro a year and
taxable EU revenue above 50 million euro, the BBC reported.
But
to become law, EU tax reforms need the support of all member states. And
some countries, including Ireland, the Czech Republic, Sweden and
Finland are yet to come on board to bring the reforms.
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