French lawmakers approve pioneering 3 per cent tax on tech giants

The bill aims to stop multinationals from avoiding taxes by setting up headquarters in low-tax EU countries

French lawmakers approve pioneering 3 per cent tax on tech giants

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France’s lower house of parliament approved Thursday a small, pioneering tax on internet giants like Google, Amazon and Facebook – and the French government hopes other countries will follow suit.

The bill foresees a 3-per-cent tax on the French revenues of digital companies with global revenue of more than 750 million euros (US$847 million), and French revenue over 25 million euros.

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France failed to persuade EU partners to impose a Europe-wide tax on online giants, but is now pushing for an international deal with the 34 countries of the Organization for Economic Cooperation and Development.

The French Finance Ministry has estimated the tax will raise about 500 million euros (US$566 million) a year this year but that should increase “quickly.

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