France moves ahead with tech tax

|About: Alphabet Inc. (GOOGL)|By:, SA News Editor

France will impose a new tech tax worth $570M annually starting the first of the year.

The country failed to get support for an EU-wide levy and will now move forward alone on the GAFA tax, named for Google (GOOGL +0.1%), Apple (AAPL +1.4%), Facebook (FB), and Amazon (AMZN -1.4%).

France is also working with Germany on plans for a 3% tax on EU ad sales that would begin in 2021.

Subscribe for full text news in your inbox