French finance minister says the battle over digital tax is not over yet

  • 📰 CNBC
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 72%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

Bruno Le Maire, the French finance minister, said his country had accepted a postponement of the tax payments to the end of 2020.

. Paris argued that digital firms were paying little to no tax; but the United States said the levy was particularly "burdensome" for American firms and Washington threatened to impose tariffs on French products.

Speaking to reporters at the World Economic Forum, Bruno Le Maire, the French finance minister, said his country had accepted a postponement of the payments to the end of 2020. "In exchange of this postponement … the U.S. accepts to suspend the sanctions against France," Le Maire said. However, this is not the end of their dispute. Both agreed to develop an international framework for digital taxation at the OECD level, but they disagree on how to shape it. The United States believes companies should be able to decide whether to reallocate a portion of their corporate profits, whereas France believes the system should be compulsory.

"We still need to have a clear understanding of what will be the working basis at the OECD. And we want this basis to be solid, credible and fair. An optional basis would not be credible," Le Maire said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trump and Macron agree to ceasefire on contentious French digital tax - Business InsiderThe fight began in July when France approved a 3% tax on revenue generated by large digital companies operating within the country.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Trump and Macron agree to ceasefire on contentious French digital tax - Business InsiderThe fight began in July when France approved a 3% tax on revenue generated by large digital companies operating within the country.
Source: BusinessInsider - 🏆 729. / 51 Read more »