World Bulletin / News Desk
The EU will soon unveil a plan for taxing major internet companies like Amazon and Facebook by imposing a levy of two to six percent on revenues in every country where they operate, French finance minister Bruno Le Maire said Sunday.
"The range will be from two to six percent; but closer to two than to six," Le Maire told the Journal du Dimanche newspaper.
That leads them to pick low-tax nations like Ireland, the Netherlands or Luxembourg, depriving other nations of their share of the revenue even though they may account for more of a company's earnings.
"The heads of these companies know themselves that this system can't continue," Le Maire said.
Critics say the tax-avoidance strategies used by the tech titans known as GAFA -- Google, Amazon, Facebook and Apple -- deprive EU governments of billions of euros while giving them an unfair advantage over smaller rivals.
The Organisation for Economic Cooperation and Development says such strategies cost governments around the world as much as $240 billion (195 billion euros) a year in lost revenue, according to a 2015 estimate.
Asked if the proposed rate might be criticised as too low, Le Maire said: "I would rather have a law that can be implemented quickly instead of drawn-out negotiations."
American tech giants appear to believe the European tax revamp is in the cards, with several already announcing pledges to pay more in each country where they operate as governments step up their fiscal demands.
Amazon said last month that it had settled a major tax claim in France and that it would start declaring all its earnings in the country.
Of the major indices, Facebook weighed most heavily on the tech-rich Nasdaq Composite Index, which was down 0.9 percent to 7,411.34 about 20 minutes into trading.
Company to release new commercial and defense products, head of company says
EA19's exports and imports rise 9.1 percent and 6.3 percent, respectively, year-on-year in January
Micro Focus warned in a statement that year-on-year revenues had fallen by more than anticipated since January, sending its shares slumping 55.88 percent to 831.40 pence.
Economy minister: Ankara 'absolutely' against Russia's limit on number of companies importing Turkish tomatoes
Turkey's assets abroad climb 2.1 pct at end of January 2018, compared with end-2017, according to Turkish Central Bank
BIST 100 opens 0.04 pct lower, Turkish lira loses value against foreign currencies
Listed shares in BIST 100 rise 0.01 percent; US dollar/Turkish lira rate climbs over 3.90; EUR/TRY stands at 4.80
Turkey bridges Muslim world and West, according to General Council for Islamic Banks and Financial Institutions
Britain intends to seek free trade deals with its major trading partners once it leaves the EU, as planned, in March 2019.
Net profits at the group rose 33.1 percent to hit 2.36 billion euros ($2.92 billion), higher than the 2.28 billion predicted by analysts.
About 45 minutes into trading, the Dow Jones Industrial Average was at 24,867.00, up 0.4 percent.
Low-cost carrier to offer direct flights to Dalaman from Dublin and Bratislava starting June
"Preliminary national accounts results for 2017 show an increase of 7.8 percent in GDP... compared with 2016," Jennifer Banim, an assistant director general at the Central Statistics Office (CSO), said in a statement.
Unemployment rate falls 2.3 percentage points year-on-year in December to 10.4 pct