News Karnataka
Friday, March 29 2024
Cricket
Business

France to slap Apple, Google with new digital tax in 2019

Photo Credit :

San Francisco: 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 coffers 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.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp