The United States has threatened punitive duties of up to 100% on $2.4 billion i...
) are currently able to book profits in low-tax countries like Ireland and Luxembourg, no matter where the revenue originates.The French leader pushed hard for a digital tax to cover European Union member states, but ran up against resistance from Ireland, Denmark, Sweden and Finland.After talks on an EU digital tax foundered, Macron’s government imposed its own unilateral tax in July. It applied retroactively to Jan. 1, 2019.
Paris is not alone among European capitals in proposing a tax on big tech. Britain, Spain, Italy, Austria, Mexico and Canada have also announced plans for their own digital levies.Macron’s goal is to secure a broader agreement on digital taxation under the auspices of the Organisation for Economic Cooperation and Development .
The following month, G7 finance ministers agreed there should be a minimum level of tax to discourage countries from competing in a “race to the bottom”. Digital taxation has opened up a new front in the trade spat between Washington and the EU as economic relations between the two appear to sour.
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