Debate heats up over how countries tax Big Tech companies

In this June 5, 2014 file photo, a man walks past a Google sign at the company's headquarters in Mountain View, Calif. FRANKFURT -- An international debate over how countries tax big U.S. technology companies such as Google, Amazon and Facebook is heating up, presenting a challenge for new President Joe Biden's administration.

U.S. trade officials have called unilateral digital taxes unfair and threatened trade retaliation against French goods, but have held off imposing sanctions. The pandemic has only put a sharper edge on the issue of digital taxation: the virus outbreak has accelerated digitalization through remote work and contactless activities, and in some cases led to strong profits for digital companies; meanwhile, government budgets have been put under strain through added spending and less tax revenue.

Barbara Angus, global tax policy leader for professional services firm EY, said the question of exactly whom the new digital tax applies to was "the single biggest political issue to be resolved" in the talks.

Canada Canada Latest News, Canada Canada Headlines

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

Stocks open broadly lower on Wall Street, led by Big TechStocks are pulling back broadly in the early going on Wall Street, taking the S&P 500 further below the record high it reached just two days ago.
Source: CTVNews - 🏆 1. / 99 Read more »