France, Germany plan tax crackdown on US tech giants
Paris, France - France is working with Germany and other partners to plug loopholes that have allowed US tech giants like Alphabet Inc’s Google, Apple Inc, Facebook Inc and Amazon.com Inc to minimize taxes and grab market share in Europe at the expense of the continent’s own companies.
France will propose the ‘simpler rules’ for a ‘real taxation’ of tech firms at a meeting of European Union officials due mid-September in Tallinn, Estonia, French Finance Minister Bruno Le Maire said in an interview in his Paris office on Friday, complaining that Europewide initiatives are proving too slow.
“Europe must learn to defend its economic interest much more firmly - China does it, the US does it,” Le Maire said.
“You cannot take the benefit of doing business in France or in Europe without paying the taxes that other companies - French or European companies - are paying.”
The push reflects mounting frustration among some governments, regulators and, indeed, voters, at the way international firms sidestep taxes by shifting profits and costs to wherever they are taxed most advantageously - exploiting loopholes or special deals granted by friendly states.