- 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.
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…