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Tuesday, October 27, 2020

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France approves tax that will affect Google, Facebook and other technology companies

France has approved a new fee that will apply to technology companies, including US giants Google, Facebook and Amazon. The United States is already investigating the situation.

This tax will apply to technology companies that meet two criteria: over € 750 million in overall revenues and over € 25 million in revenues in France. Affected companies will have to pay an annual fee of 3% of revenues generated by services in the country.

The United States considers the law 'unfair'

US Trade Representative Robert Lighthizer said this tax is purposely affecting US technology companies. Lighthizer added that the government is analyzing this rate in order to give a final response to France and possibly the European Union.

Even members of the US Chamber of Commerce have expressed their obvious displeasure. Members said this is a 'disguised' way to tax revenue for US companies like Apple, Google, Facebook and Amazon for fear they are too powerful.

Google and Facebook can be considered monopolies

Truth be told, companies like Google and Facebook offer services used around the world without any competition. This kind of situation is seen by many governments as an unfair monopoly that offers no place for competition or the emergence of other companies.

Either way, creating an extra tax for these companies may not be the best solution. Why do you think France created the tax? To 'give a lesson' to companies? To simply make more money? Tell us your opinion in the comment box.

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