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France Considers Raising Taxes on Internet Giants (reuters.com)
France's Finance Minister has drafted a new law to tax internet giants, reports Reuters:
A three percent tax on the French revenue of large internet companies could yield 500 million euros [$568 million U.S. dollars or £429 million] per year, French Finance Minister Bruno Le Maire said on Sunday. Le Maire told Le Parisien newspaper the tax is aimed at companies with worldwide digital revenue of at least 750 million and French revenue of more than 25 million euros.
He said the tax would target some 30 companies, mostly American, but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies. The paper listed Google, Amazon, Facebook and Apple (the four so-called "GAFA" companies) but also Uber, Airbnb, Booking and French online advertising specialist Criteo as targets. "A taxation system for the 21st century has to built on what has value today, and that is data," Le Maire said. He added it is also a matter of fiscal justice, as the digital giants pay some 14 percentage points less tax than European small-and-medium sized companies.
The draft law will be presented to the cabinet on Wednesday, and then presented to France's parliament, Reuters reports.
"The tax would also target the sales of personal data for advertising purposes."
He said the tax would target some 30 companies, mostly American, but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies. The paper listed Google, Amazon, Facebook and Apple (the four so-called "GAFA" companies) but also Uber, Airbnb, Booking and French online advertising specialist Criteo as targets. "A taxation system for the 21st century has to built on what has value today, and that is data," Le Maire said. He added it is also a matter of fiscal justice, as the digital giants pay some 14 percentage points less tax than European small-and-medium sized companies.
The draft law will be presented to the cabinet on Wednesday, and then presented to France's parliament, Reuters reports.
"The tax would also target the sales of personal data for advertising purposes."
We do not want to become like the EU. Mr. President, you have the nation's support.
Yeah.. uh.. I'm a conservative, but I'd like to know why you think you get to make a blatant statement like that? There are a few people in this country who get the privilege of speaking for the nation.. President, Vice President, Speaker of the House, President Pro Tempore of the Senate (Congress is a coequal branch), and maybe Chief Justice of the Supreme Court (again, another coequal branch).
You get to speak for yourself and maybe your family.. If you're the Mayor of some city, I suppose you could speak for your city... But what the hell? How offensive would you find it if some liberal said "On Behalf of the US, I'd like to say we all love socialism".. Yeah... the level of ego to elevate yourself to that position..... I didn't vote for you.. nobody did... Do you get to speak from royal birthright?
In all fairness, this should have nothing to do with the Internet giants. Given the massive degree of internationalization today, *all* companies should be taxed where they generate their revenue, rather than allowing stupid games with tax havens.
That said, what France is doing is borderline corrupt: targetting specific companies that (they think) represent untapped sources of sweet, sweet tax money. France is basically broke, attempts to further tax the populace led to the yellow-vests, and cutting bureaucracy or public services is politically impossible. They need more bread and circuses to stave off the collapse...
Enjoy life! This is not a dress rehearsal.