) and major trade associations testified Monday against the tax at a hearing before the U.S. Trade Representative’s office and other government officials.
The French Senate in July approved a 3% levy that will apply to revenue from digital services earned in France by companies with more than 25 million euros in French revenue and 750 million euros worldwide. “It does depart from even the outlines of what we expect out of the OECD,” said Daniel Bunn, director of global projects at the Tax Foundation, commenting on OECD-wide efforts to create a global agreement on taxing the digital economy.
The U.S. Chamber of Commerce said the tax will generate revenue of approximately 500 million euros per year “a large majority of which will be paid by U.S. firms” and will cost U.S. firms millions to conduct “significant re-engineering of accounting systems to ensure that they can accurately assess” liability.“Unilateral measures like the DST are harmful to Facebook and the digital economy,” Alan Lee, Facebook’s global head of tax policy, said in a statement.
Matthew Schruers, chief operating officer at the Computer and Communications Industry Association , representing companies like Intel Corp (
Heh, about time somebody did something
👍
The French acted while others sat on their thumbs.
What fucking global tax reform?