France adopts pioneering tax on tech giants after US threat

PARIS — France has adopted a pioneering tax on internet giants like Google, Amazon and Facebook despite threats from the U.S.Just ahead of the vote Thursday, French economy minister Bruno Le Maire said allies needed to settle differences “without using threats.”The French Senate estimated that the tax could bring in 400 million euros ($450 million) this year and 650 million next.Late Wednesday, the Trump administration announced an investigation into the tax under the provision used last year to probe China’s technology policies, which led to tariffs on $250 billion worth of Chinese imports.The French digital services tax would impose a 3% annual levy on French revenues of digital companies with yearly global sales worth more than 750 million euros ($844 million) and French revenue exceeding 25 million euros.The Associated Press read more