The so-called “GAFA tax” – because it targets companies including Google, Apple, Facebook and Amazon – will impose a 3 percent levy on tech giants with at least $845 million in global revenue with sales totaling $28 in France.
GAFA targets international companies that “create value through French internet users,” which often bypass taxes by opening regional offices but keeping their headquarters in countries with more lenient laws. The passage of the bill comes after the U.S. preemptively announced it will open an investigation against the new law and explore new tariffs on French goods in retaliation.
“France is a sovereign state that decides its tax measures with sovereignty and will continue to take sovereign tax decisions,” countered French finance minister Bruno Le Maire in a speech to the country's Senate.
Source: Law Daily Report (lawdailyreport.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ivory Coast passes legislation encouraged by Ivanka TrumpIvanka Trump is applauding the recent passage of legislation in Ivory Coast related to changes she pushed during her April trip to Africa. "We are pleased to recognize and applaud the Ivorian government&39;s recent passage of the marriage law, which supports women&39;s equal management of household
Source: YahooNews - 🏆 380. / 59 Read more »
Trump administration launches unfair trade practices probe of French tech taxThe dispute has been simmering for months as France and other countries contemplate taxes on services offered by Google, Facebook, Amazon and other companies. Trump Administration Probe... how “fitting” A probe into an unfair tax on American goods & services, wow. I guess our farmers and lobster industry can see the full value of that probe.
Source: politico - 🏆 381. / 59 Read more »
France likely to use border checks as 'political tool' after no-deal Brexit: UK's HammondFrance is likely to threaten delays on its border with Britain to exert politica... the world is becoming stupider And so they should you doofus Bigot: so will Ireland, Germany, Belgium, the Netherlands, etc
Source: Reuters - 🏆 2. / 97 Read more »
Could Heritage and Culture Become As Important to Ghana's Economy As Fashion Is For France?Culture is often overlooked and under-invested when it comes to African economic development. The Heritage and Cultural Society of Africa is working to change that.
Source: ForbesWomen - 🏆 477. / 51 Read more »
Tour de France: Peter Sagan sprints to victory in Stage 5Peter Sagan of Slovakia won the fifth stage of the Tour de France Wednesday as Frenchman Julian Alaphilippe kept the race leader's yellow jersey. And the restoration of PACE voting rights to Russia is definitely also a loss for Slovakia. A country in which citizens don’t have voting rights, in which mayors are appointed, and which annexes territories of other countries, shouldn’t have this. ➡️ ⬅️ If for money it is possible to buy the legality of such behavior, then it is disgusting. After that, my attitude towards someone European countries has changed. This is such an imprint, which is superimposed on a lot.
Source: latimes - 🏆 11. / 82 Read more »