Officials from France and the United States have reached a compromise on a new French tax on services provided by large internet companies, potentially defusing the threat of a trade conflict between the two countries
Under the terms of the agreement, France would repay companies the difference between its digital tax and whatever taxes come from a planned mechanism being drawn up by the Organization for Economic Cooperation and Development , a spokesperson for France's Finance Ministry told CNN Monday. "We have reached a very good agreement," French President Emmanuel Macron said at a joint press conference with US President Donald Trump at the G7 summit in Biarritz, France on Monday.
"We tax our companies, they don't tax our companies," Trump said last month.Tech companies, including Google and Amazon , argued the tax would unfairly target American companies. At a hearing in Washington last week Amazon said it will pass along the costs of the French digital tax to its third-party sellers beginning October 1.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: U.S. officials fear ransomware attack against 2020 electionExclusive: Fearing a ransomware attack, the U.S. plans to launch a program in roughly one month to protect voter registration databases and systems ahead of the 2020 presidential election
Read more »
Trump says US is close to a compromise with France on digital taxPresident Donald Trump said on Monday that the United States is close to reaching a compromise over France's digital tax.
Read more »
Macron says France and U.S. reached digital tax dealFrance and the United States have reached a deal to end a standoff over a French...
Read more »
U.S. equity futures reopen lower, U.S.-China trade relations at new low ebbU.S. stock index futures dropped when electronic trading resumed on Sunday, with...
Read more »
Thousands join anti-G7 march as world leaders fly into FranceIrún (Spain) (AFP) - More than 9,000 anti-G7 protesters joined a mass march over a bridge linking France and Spain on Saturday as leaders from the Group of 7 nations descended for their summit in the Atlantic resort of Biarritz. Since Monday, anti-capitalist activists, environmentalists and other anti-globalisation
Read more »