Money: France digital tax is approved by lawmakers. The U.S. has threatened to retaliate - PressFrom - Canada
  •   
  •   
  •   

MoneyFrance digital tax is approved by lawmakers. The U.S. has threatened to retaliate

19:05  11 july  2019
19:05  11 july  2019 Source:   cnn.com

Trudeau to push trade pact in EU leaders' summit as France moves ahead on CETA

Trudeau to push trade pact in EU leaders' summit as France moves ahead on CETA Trudeau to push trade pact in EU leaders' summit as France moves ahead on CETA

France has proposed a 3 percent tax on the revenue some companies earn from providing digital services to French users, a measure that The investigation will be carried out under Section 301 of the Trade Act of 1974, a legal provision that gives the president broad authority to retaliate against

Undeterred by warnings from the US government, France has imposed a digital tax that targets US tech giants—firms like Amazon, Apple, Facebook The question now is whether the US Treasury or the US Trade Representative (USTR) will back up strong words with retaliatory trade or tax measures.

France digital tax is approved by lawmakers. The U.S. has threatened to retaliate © CHRISTOPHE PETIT-TESSON/AFP/Getty Images US President Donald Trump (L) speaks s with French president Emmanuel Macron prior to their meeting at the Elysee Palace in Paris, on November 10, 2018, on the sidelines of commemorations marking the 100th anniversary of the 11 November 1918 armistice, ending World War I. (Photo by Christophe Petit-Tesson / POOL / AFP) (Photo credit should read CHRISTOPHE PETIT-TESSON/AFP/Getty Images)

French lawmakers on Thursday approved a bill that would impose a new tax on services provided by large internet companies despite the risk of a costly backlash from the Trump administration.

Facebook's Cryptocurrency Plan Draws ECB Warning on Regulation

Facebook's Cryptocurrency Plan Draws ECB Warning on Regulation Financial regulators must act fast to prepare for the push by U.S. tech giants such as Facebook Inc. into the financial system, according to European Central Bank Executive Board member Benoit Coeure. “It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous,” Coeure said on Sunday in Aix-en-Provence in southern France. “We have to move more quickly than we’ve been able to do up until now.” Facebook’s plan for a digital currency called Libra has policy makers scrambling. The U.K.

Lighthizer told lawmakers last month that the push for a digital tax would unfairly hit U . S . businesses. Other European countries have started to pursue their own digital tax plans after a European Union-wide effort The U . S . investigation would threaten to further strain trans-Atlantic

French Digital Tax Now One Step Away From Law , Enforcement. France ’ s proposed 3% levy would The lawmakers included a suggestion to use a section of the tax code that would double the rate of The U . S . investigation would threaten to further strain trans-Atlantic ties as the two sides prepare to

The United States Trade Representative announced a so-called Section 301 investigation on Wednesday, warning that the tax could discriminate against American companies. The move means the United States could end up imposing retaliatory tariffs on French products.

"The United States is very concerned that the digital services tax ... unfairly targets American companies," US Trade Representative Robert Lighthizer said.

The measure will take effect in January 2020, imposing a 3% tax on revenue earned by large internet companies in France, such as Amazon, Facebook and Google. It would apply to businesses with global revenue of more than €750 million ($845 million) and €25 million ($28 million) in France.

"The structure of the proposed new tax as well as statements by officials suggest that France is unfairly targeting the tax at certain US-based technology companies," the US Trade Representative said.

Sentencing hearing delayed for woman who threatened MPP Lisa MacLeod

Sentencing hearing delayed for woman who threatened MPP Lisa MacLeod A sentencing hearing for Rebecca Reid, who pleaded guilty last month to criminal harassment and uttering threats after sending threatening emails and voice mails to MPP Lisa MacLeod, has been delayed until September. 

France ' s lower house of parliament has approved a pioneering tax on internet giants like Google, Amazon and Facebook. It could affect U . S . companies including Airbnb and Uber as well as those from China and Europe. It primarily targets those that use consumers' data to sell online advertising.

France is not currently collecting the tax , which will be retroactive to Jan 1st, 2019 should the French Senate vote to pass the law tomorrow. Trade Representative Lighthizer has previously commented on the issue saying, “I think [the french digital tax ] is geared toward hitting American companies

Shortly after the bill was passed, French finance minister Bruno Le Maire responded to the threat of retaliation.

"There are other ways between allies to solve our differences, there is no need for threats," Le Maire told reporters. "We can solve our differences through negotiations and through discussions."

French President Emmanuel Macron will now decide whether to sign the bill into law.

Several European countries including the United Kingdom are considering new taxes on digital companies as part of a race to better regulate the internet and capture more revenue from their activities.

The UK plan, announced in October, would apply a 2% levy on digital services sold by profitable companies with annual global revenue of at least £500 million ($627 million). It would be implemented in April 2020.

G20 finance ministers in June broadly supported a plan developed by the Organization for Economic Cooperation and Development to overhaul global corporate tax rules and address challenges in taxing digital companies.

New partnership gives CFL franchises new digital concussion platform

New partnership gives CFL franchises new digital concussion platform TORONTO — The CFL has entered into a new partnership that will allow its teams to utilize a digital platform to execute and monitor the effectiveness of the league's concussion protocol. The CFL announced Wednesday it has teamed up with Vancouver-based HeadCheck Health, Inc. The company's mobile and web-based technology will allow CFL medical staffs to monitor the effectiveness of the league's concussion protocol in real-time. "We're delighted to partner with HeadCheck as part of our ongoing commitment to player health and safety," Kevin McDonald, the CFL's vice-president of football operations and player safety, said in a statement.

The US has launched a probe that may see France slapped with sanctions for its attempt to hike taxes on tech firms, which Washington claims Amid rising public outrage at the minimal tax paid by some of the world’ s richest firms, French lawmakers are due to approve the proposed Digital Services Tax

China has threatened to retaliate against US sanctions seen as an attempt to restrict international trade by the Chinese technology giant Huawei. Foreign Ministry spokesman Lu Kang said Beijing opposed countries imposing unilateral sanctions on Chinese companies and would take action.

But more work is needed on the proposal, which is designed with digital companies in mind but also has major implications for traditional multinational corporations.

The US Trade Representative urged countries to wait for "a multilateral agreement to address the challenges to the international tax system posed by an increasingly digitized global economy."

The investigation launched by the Trump administration is the same type that served as the basis for US tariffs on $250 billion worth of Chinese goods. That inquiry lasted seven months before President Donald Trump decided to move ahead with the first round of tariffs.<

Related video: How taxes impact your savings [Provided by Global News]

Are you on LinkedIn? Follow Microsoft News Canada and keep up with the latest industry news, career, jobs and tech updates. Connect with us now!


Trump lashes out again at minority lawmakers as House prepares to condemn his racist tweets.
In morning tweets, the president attacked four freshman lawmakers for the third day in a row.

—   Share news in the SOC. Networks

Topical videos:

usr: 0
This is interesting!