France Inks Law to Tax Tech Firms, U.S. Threatens Probe

France’s Senate has approved taxing Amazon, Google and other large technology companies, despite the threat of a U.S. probe into discrimination. In fact, the vote came hours after U.S. trade representative Robert Lighthizer said he would investigate the French legislation based on the same law President Trump used in the trade clash with China. French finance minister Bruno Le Maire responded that, “France is a sovereign state. It makes sovereign decisions on tax matters and will continue to make sovereign decisions on tax matters.” Continue reading France Inks Law to Tax Tech Firms, U.S. Threatens Probe

World Economic Forum Launches Councils on AI, IoT, More

The World Economic Forum’s Centre for the Fourth Industrial Revolution this week announced the creation of six new councils to address policy guidance in areas including artificial intelligence, autonomous vehicles, blockchain, IoT and precision medicine. Already a source of friction between the U.S. and China, AI is one emerging technology seen by many nations as crucial to future development and competition. As Stanford Institute for Human-Centered AI deputy director Michael Sellitto puts it, “many see AI through the lens of economic and geopolitical competition … [creating] barriers that preserve their perceived strategic advantages, in access to data or research.” Continue reading World Economic Forum Launches Councils on AI, IoT, More

France Slated to Impose Tax on Digital Companies’ Revenue

The French government introduced a three percent tax on the revenue of technology companies such as Google and Amazon that offer e-commerce or targeted advertising in France. Experts estimate that the tax could reap “billions of dollars” from Silicon Valley companies. The tax is also likely to come up as a topic of conversation in U.S. and European talks, convened by the Organization for Economic Cooperation and Development (OECD), about corporate taxes in the digital age. Europe is pushing to tax Silicon Valley companies on profits made there. Continue reading France Slated to Impose Tax on Digital Companies’ Revenue

Apple Agrees to Pay Large Amount in Back-Taxes to France

Apple revealed it has reached a deal with French authorities to pay back-dated taxes, reportedly in the hundreds of millions of dollars. Apple’s French division did not disclose the specific amount, but French media has reported it to be around 500 million euros, or $571 million U.S. “As a multinational company, Apple is regularly audited by fiscal authorities around the world,” explained Apple France in a statement. “The French tax administration recently concluded a multi-year audit on the company’s French accounts, and those details will be published in our public accounts.” Continue reading Apple Agrees to Pay Large Amount in Back-Taxes to France