French tax on internet giants could generate 500mln euro annually: Le Maire


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French tax on internet giants could generate 500mln euro annually: Le Maire

On Sunday, the 3rd of March, the French Finance Minister, Bruno Le Maire told that a three percent tax on the large internet service providers could generate as many as 568.5 million pounds (500 million euros) per year.

In an interview with the Le Parisian Newspaper, French Finance Minister had been quoted saying that the three percent tax had been targeted at the giant internet service providers having worldwide revenue of at least 750 million, alongside a French revenue of at least 25 million euros.

According to Le Maire, the added tax would aim at least 30 companies, most of them of which would likely to be American and Chinese, however, a few German, Spanish, British and French firms, alongside firms of French origins having bought by foreign companies, would also be required to pay that added taxation.

The Le Parisian Newspaper report revealed on Sunday (March 3rd) had also added that the so-called GAFA companies, such as Google, Amazon, Apple and Facebook, alongside Uber, Booking, Airbnb and a French online advertising specialist, Criteo might have been the initial targets.

Citing the valuation of data in 21st century, Le Maire added, “A taxation system for the 21st century has to build on what has value today, and that is data. ”