Trump says US is close to a compromise with France on digital tax

  • France and the U.S. have agreed on a draft proposal for a French digital services tax at the G-7 summit in Biarritz, France.
  • The proposed agreement would see France repay tech companies the difference between the amount collected under its current digital tax model and the amount owed by firms under a new OECD system.
  • France passed a 3% tax in July that targets around 30 big tech companies including Facebook, Amazon and Google.

U.S. President Donald Trump said on Monday that the United States is close to reaching a compromise over France’s digital tax.

Trump’s comments came as he spoke to reporters at the G-7 summit in Biarritz, France, alongside German Chancellor Angela Merkel.

 Merkel, meanwhile, said OECD (Organisation for Economic Co-operation and Development) nations wanted a solution to digital taxation by 2020.

France passed a 3% tax in July that targets around 30 big tech companies including Facebook, Amazon and Google. It applies to organizations with annual revenues of more than 750 million euros ($830 million) arising from “digital activities,” including 25 million euros ($27 million) made in France…

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