On July 11, the French Senate approved a digital tax, known as “Les GAFA” — Google, Amazon, Facebook, Apple, on digital companies that have a revenue of more than €25 million in France, and more than €750 million worldwide, Le Monde reported. The aim is to tax digital activities that “create value through French internet users”. This tax makes France the first major economy to tax the Big Tech. This bill is likely to be signed into law by French President Emmanuel Macron within two weeks, the New York Times reported. This will potentially cause another trade war, but this time between USA and one its allies. This bill comes a week after the French National Assembly approved a draft bill which directs social media companies such as Facebook and Twitter to take down any hateful content from their platform within 24 hours. What will the tax do? The bill was sponsored by the French Minister of Economy and Finance Bruno Le Maire. 3% tax on revenue from digital services earned in France by companies that make more than 25 million euros ($28 million) in French revenue and 750 million euros ($844 million) in global revenue Specially targets online advertising, revenue from the sale of data for advertising purposes, and the linking of users by the platforms, Le Monde said To be applied retroactively from January 2019 The tax is expected to yield €400 million in 2019, and €650 million in 2020, Le Monde said. Will affect 30 companies, including…
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