Technology tax set to dominate Group of Seven finance ministers meeting

📆 15/07/2019 19:50:00
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International effort under way to update rules to rein in multinationals gaming the system by paying in low-tax rate countries

Paris — A row over taxing technology giants is set to dominate a meeting of Group of Seven finance ministers near Paris this week, with the world’s leading industrialised nations already riven by disruptive US trade policies.

The French measure does not specifically target US internet giants, but it is commonly called the Gafa tax, an acronym for Google, Amazon, Facebook and Apple. Washington and Beijing have lashed out at each other with punitive tariffs on about $360bn in goods in a trade dispute that has roiled global financial markets and undermined business confidence.

“It won’t be possible to set a rate at this meeting,” said the official. “It’s premature. We need to get agreement on the principle first.”

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