The French Senate in July approved a 3% tax that will apply to digital revenue generated in France if it exceeds 25m euros and 750m euros worldwide.

The US Chamber of Commerce said the tax would generate roughly 500m euros a year and much of it would be paid by US firms.

“Such measures hurt Facebook and the digital economy,” said social networking tax chief Alan Lee.

The COO of the Computer and Communications Industry Association, which represents companies like Intel, eBay and Netflix, said the tax undermines the progress made with the new tax system in the digital economy and fosters an aggressive response to the problem.

Amazon’s tax policy director said that in France more than 10,000 businesses sell through Amazon online stores and the tax will increase sales by 3% starting October 1.

Last month US President Donald Trump threatened to tax wine and other French products in retaliation. Other European countries have also announced plans for their digital tax.

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neOadviser – TECH

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