France’s digital minister says tax on big tech is just the start

France will go ahead with its controversial new tax on the profits of large technology firms such as Google and Facebook despite US threats to retaliate, as the government vows that it is just the start of a crucial rethink of the regulation of tech monopolies. that it could open up a new front in the international trade war. Washington has threatened to retaliate with tariffs of up to 100% on imports of French products such as champagne, cheese, handbags, lipstick and cookware worth $2.4bn (£1.8bn) after a US government investigation found that France’s new digital services tax would harm US technology companies. A decision on tariffs is expected in the coming weeks, but O said: “We will not withdraw the tax, that is certain. We think retaliation measures are not good for either the US, France or businesses concerned and they could lead to a reaction from the European Union.” France is to become the first major economy to impose a tax on internet heavyweights. Dubbed the Gafa tax – an acronym for Google, Apple, Facebook and Amazon – the legislation will impose a 3% levy on the total annual revenues of the largest technology firms providing services to… Read full this story

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