Thursday, 26 November 2020 09:58

France goes ahead with 3% digital tax on big tech firms Featured

France goes ahead with 3% digital tax on big tech firms Pixabay

Despite threats of retaliation from the US, France has decided to go ahead with a 3% tax on big technology firms, asking them to pay the levy next month.

The French Finance Ministry said on Wednesday that it had sent out notices to the companies that would have to pay the tax, Reuters reported.

Companies which have revenue of more than €25 million (A$40.5 million) in France and €750 million worldwide will be slugged.

France had already decided in 2019 to impose the digital services tax when the US started threatening retaliation in the form of tariffs.

In June 2020, Washington opened an investigation into this tax, and also those announced by Britain and Spain, claiming that they target American companies.

But the same month, US Treasury Secretary Steve Mnuchin said in a letter that the US was withdrawing from the talks which he claimed had made no progress.

However, negotiations are underway at the Organisation for Economic Co-operation and Development to come to a consensus on overhauling international tax rules. The 140 countries involved have agreed to keep talking until mid-2021.

France has said that it will withdraw its tax once a deal is reached by the OECD.

According to the report, both Amazon and Facebook have indicated that they would pay the tax. There has been no word from Google. iTWire has contacted the search giant for comment.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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