Some in America think Europe is being vindictive in targeting Silicon Valley's world-beating firms
IT CAN be horribly difficult to tax tech giants’ profits. They stash their intangible capital, such as intellectual property, in tax havens, booking only low profits elsewhere. There were screaming headlines in 2018 when it was uncovered that Amazon’s British subsidiary paid £1.7m in corporate tax despite revenues of $11.4bn. Rich countries have haggled over how to reform the global tax system, making progress in a number of areas, but not on taxing tech.
Some think France’s unilateral action is mis-timed. Several European countries, Britain among them, are mulling digital-services taxes. But all say they would prefer a global deal, which the OECD, a club of rich and middle-income countries, is trying to broker. France’s action, critics say, could now undermine that multilateral process. What is more, a world in which different countries imposed different digital tax regimes would be horribly messy.
France says that its digital tax will last only until there is a global agreement that will replace it. Furthermore, says Bruno Le Maire, France’s finance minister, tax is a “sovereign matter”.
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