Technology firms aren't paying their fair share in taxes and it's time to find a global approach to the problem, German Finance Minister Olaf Scholz told CNBC.
Google, Amazon, Facebook and Apple — a group of corporations sometimes labeled by European officials as"GAFA" — have faced intense criticism from politicians in the continent for not paying enough tax. France has led the pack in the European Union, introducing a 3% levy on the revenues of tech companies that earn more than 750 million euros worldwide each year. The move has attracted the ire of the U.S., which is worried the measure could hurt American firms.
There has been some disagreement among EU member states over how to implement a Europe-wide digital tax. EU Competition Commissioner Margrethe Vestager recently said Europe should"take the lead" on such a proposal if there is insufficient global consensus.
We must reduce wealth inequality in order to an inclusive, sustainable and fair growth so we must: 1 ban global tax havens and introduce a fairer, effective and less corrupt tax system 2 spend taxes that society really needs 3 need less greed more donation SDGs GlobalGoals
SIMPLE SOLUTION. START TAXING THEM
Tech “Giants” must have taken a page out of the German government playbook; no government shirks its responsibilities and intentionally pays far less than its legal obligations than Germany(see: NATO).
Because it will never, ever be enough.
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Why should they be paying taxes?
Outfoxed