French President Emmanuel Macron criticised a “crazy” system that gives firms a “permanent tax haven status” on Wednesday.
According to reports of Baaghitv, French President Emmanuel Macron will defend his policy of taxing tech giants at the annual meeting of G7, which will be held this weekend in France. He told reporters, “The global tech players do not contribute financially to the funding of the common good, it is not sustainable.”
He added that he has spoken to US president Donal Trump on this issue who has strongly opposed this idea as this will hurt the tech giants largely based in USA like Google, Apple, Facebook and Amazon. Emmanuel told reporters there had been strong lobbying by the tech giants to avoid any sort of taxation.
The French law aims to plug a taxation gap that has seen some internet heavyweights paying next to nothing in European countries where they make huge profits, because their legal base is in smaller EU states. France has said it would withdraw the tax if an international agreement is reached, and Paris hopes to include all OECD countries by the end of 2020.