THE United States has urged countries like France to scrap taxes on global tech firms until a ‘negotiated agreement’ on international taxation.
The move comes as the Prez is predicted to impose massive taxes of up to 100 percent on $2.4 billion in French products in retaliation on French tech taxes.
The taxes could harm the digital industry that connects the world and has supercharged technology over the past twenty years that benefits us all – and provides a living to thousands of Brits across the country – job losses could be on the horizon if the tech tax goes ahead.
France’s tax is seen as ‘discriminatory. and designed to target American tech giants like Netflix, Google, Apple, Facebook and Amazon that millions of Brits use – meaning higher prices for us all.
“We believe that it is very important that these talks reach agreement in order to prevent the proliferation of unilateral measures, like digital services taxes, which threaten the longstanding multilateral consensus on international taxation,” said the United States Treasury Secretary.
“We urge all countries to suspend digital services tax initiatives in order to allow the OECD to successfully reach a multilateral agreement,” he added.
He said Washington would proceed quickly with plans to impose tariffs on French products, including champagne, cosmetics, yogurt and Roquefort cheese.
Additional Reporting by AFP