Source: Unsplash (Eddie Junior)
France has passed a tax law requiring giants like Amazon, Google, and Facebook to pay a 3% tax of any revenue generated in France.
- The French government had been in negotiations with the US government to find an alternative to taxing tech giants, most of which are located in the US.
- Negotiations have failed, prompting the French government to move forward with its tax plan.
- It has sent tax payment notices to all companies who meet the criteria (earning more than 750 million euros annually and 25 million euros in France).
- Some government officials fear retaliation from Trump administration in forms of sanctions on French goods.
- Others believe that the incoming Biden administration will prevent or undo such sanctions.
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