One dominant trait that is synonymous with major corporations is their desire to find legal ways to pay fewer taxes on their income.
However, in the past few months, authorities in Europe have turned their sights on tech giants, with the aim to compel them to make even more tax payments for the businesses they generate from their countries.
According to a report by local media Le Parisien, the government of France will impose a five percent tax on revenues generated by tech giants in the country. The new levy was created in response to the revelation that large tech companies use complicated structures to reduce their tax bills across individual EU states.
Who Will be Affected?
In an interview with Le Parisien, French Minister of Finance Bruno Le Maire stated that the imposition of the tax was part of the government’s commitment to ensuring “fiscal justice” and the protection of smaller, emerging tech companies, which seem to have had their growth stifled thanks to the domination of these large corporations.
To that end,…