The French government is poised to implement a new “digital tax” on large corporations -such as Google, Amazon and others- that generate a substantial amount of revenue through online sales and shipping.
“The levy of as much as 5 percent of French sales will start Jan. 1 and potentially raise about 500 million euros ($570 million) for the state,” reports Bloomberg. “Under the plan, which the cabinet will discuss on Wednesday, the tax will apply to any company with global revenue of more than 750 million euros and French sales above 25 million euros.”
The new tax scheme comes just months after the so-called ‘Yellow Vest’ protests swept through France, with angry residents clashing with police over high energy costs, massive taxes, lack of employment, and other issues.
French President Emmanuel Macron has vowed to overhaul the nation’s tax code in recent weeks but is struggling to cope with plummeting poll numbers and a series of economic challenges.
Read the full report at Bloomberg.