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U.S. tech companies beware: EU taxes are coming for you

U.S. tech companies beware: EU taxes are coming for you
[Photo: pixel2013/Pixabay]

U.S.-based technology companies may be in for a rude awakening soon. A French minister told CNBC that he’s pushing for sweeping taxes of digital companies.

Minister Bruno Le Maire said during a conference this morning that the European countries need to unite together to raise the taxes on businesses like Apple, Facebook, and Google. A recent EU attempt to impose a 3% tax failed over fear of retaliation from President Donald Trump. Now, the French minister is calling for united action. “I cannot accept to have Google, Amazon, or Facebook paying less taxes . . . than my butcher or my bookshop,” he said.

Meanwhile, local governments in the U.S. have been pushing to tax tech companies more as well. For example, three California towns each passed new tax measures on local tech companies residing there.

Those beyond the United States demand more sweeping measures. There’s been recent movement for a larger international tax beyond Europe–but that likely won’t be enacted until 2020 at the earliest. European officials like La Maire want to see action sooner. “I hope that we will be able to face Donald Trump, and I hope that we will remain strong and united to face the American administration,” Le Maire said.

You can read the full CNBC report here.

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