France, Ger­many plan tax crack­down on US tech gi­ants

Muscat Daily - - BUSINESS -

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.

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