Vive La France! Facebook, Google, and Amazon Face $452 Million Tax Bill
France expects to collect $452 million in 2019 through a new digital tax that targets 30 Big Tech companies, including Facebook, Google, Amazon, and Apple.
On March 6, the French government introduced a 3% digital-services tax on tech giants that earn hefty revenues in France through targeted ads or digital marketplaces.
The tax will apply to tech companies whose annual global revenues top $850 million, and at least $28 million in France. The new tax applies retroactively going back to January, according to the Wall Street Journal.
The measure comes up for debate in April but is expected to pass easily because President Emmanuel Macron’s tax-happy party controls the majority in the French Parliament.
Europe Wants Its Cut of Silicon Valley Profits
France’s digital tax is part of a broader movement by European countries to profit from the revenue windfall that tech juggernauts like Facebook, Google, Apple, and Amazon earn in their countries as economic activity increasingly moves online.
