“France will introduce its own tax on large internet and technology companies from January 1, Finance Minister Bruno Le Maire said Monday amid difficulties in finalising a new EU-wide levy,” RFI reports.

“France has been pushing hard for a new so-called ‘GAFA tax’ named after Google, Apple, Facebook and Amazon to ensure the global giants pay a fair share of taxes on their massive business operations in Europe,” RFI reports. “‘The tax will be introduced whatever happens on January 1 and it will be for the whole of 2019 for an amount that we estimate at 500 million euros ($570 million),’ Le Maire told a press conference in Paris.”

“Ireland, which hosts the European headquarters of several US tech giants, leads a small group of otherwise mostly Nordic countries that argue a new tax could lead to reprisals against European companies and stoke anger in the US,” RFI reports. “Any tax changes must be approved unanimously by member states.”

“France’s move to introduce the tax on January 1 could be driven by domestic budget concerns,” RFI reports. “Under pressure from ‘yellow vest’ protesters, President Emmanuel Macron announced a series of measures last week for low-income families which has left a multi-billion-euro hole in the 2019 budget.”

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MacDailyNews Take:

The welfare state is not really about the welfare of the masses. It is about the egos of the elites. — Thomas Sowell

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