French digital tax 'could bring in €500m each year'

French digital tax 'could bring in €500m each year'

French minister of economics Bruno Le Maire will be submitting a draft legislation in which major internet companies will be charged with a 3 % turnover tax. That said, they are apparently some firms from China, Spain, and the United Kingdom, as well as one French firm that will also be forced to contribute to the digital tax. Apart from the aforementioned internet giants, the tax would target Criteo, a French internet advertising firm, Booking, Airbnb, and Uber.

In an interview with Le Parisien, Le Maire said: 'A taxation system for the 21st century has to be built on what has value today, and that is data'. According to Le Maire, the tax could yield €500 Mn or $568.3 Mn each year.

The tax would be aimed at platform firms earning commission on building a contact between companies and customers, said Le Maire. Fairer taxes are also a key demand of the "yellow vest" protests seen across France in the past three months.

Le Parisienne's report comes after Mr Le Maire last week said some 127 countries and territories agreed in January to tackle some of the most disputed issues of worldwide taxation, such as where digital companies' cross-border income should be taxed.

The cabinet will discuss the proposal Wednesday before it is presented to parliament. French authorities will also impose the tax on selling personal data for advertising purposes.

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The new tax won't be applied to revenues earned by the companies that sell their products on their own websites.

"They pour their products onto markets without even paying value-added tax, and hardly any other tax at all, it is intolerable".

Among companies that already pay taxes in France, the amount paid will be deductible from pretax income, Le Maire said.

US, Chinese and European firms may meet the levy criteria, including a few French businesses, the report said, as governments grapple with how to tax global Internet giants that can generate huge domestic revenues from limited physical assets.

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