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French Parliament passes digital tax law

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Paris | Thursday, 2019 11:15:05 PM IST
The French Parliament adopted on Thursday, by a final vote of the Senate, the introduction of a tax on GAFA, making France one of the first countries to impose a tax on digital giants.

The GAFA tax refers to an acronym for Google, Apple, Facebook and Amazon.

The digital tax is endorsed by the opposition-controlled Upper House, paving the pay to the eurozone second largest power to unilaterally tax internet giants by three percent on much of their digital sales in France, related to advertising, websites and the resale of private data, reported Xinhua news agency.

The tax was initially adopted by the National Assembly, the lower house of Parliament, on July 4.

GAFA targets digital companies with global annual sales of more than 750 million euros ($845.6 million) and sales in France of at least 25 million euros.

This 3 per cent tax on digital gross sales would help to collect 400 million euros this year and 650 million euros by 2022.

--IANS pg

( 174 Words)

2019-07-11-17:06:04 (IANS)

 
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