News 11 july — 16:10

US launches inquiry into French plan to tax tech giants

73

US President Donald Trump has ordered an investigation into France's planned tax on tech giants - a move that could result in retaliatory tariffs, BBC reports.

His trade representative said the US was "very concerned" that the tax "unfairly targets American companies".

On Thursday the French parliament is due to approve a 3% levy on revenue made by such companies as Google and Facebook inside the country.

France argues that these firms currently exploit global tax loopholes.

Tech giants are able to locate their headquarters in low-tax countries where they declare most of their profits, thereby minimising their tax bill.

Latest news