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12/1/2020, 1:25 PM (Source: TeleTrader)
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France warns US against digital tax sanctions

French Finance Minister Bruno Le Maire warned the United States on Tuesday against introducing sanctions as a reaction to France's digital tax. The French government decided last month that firms with revenues over €25 million in the country and €750 million worldwide and requires them to pay 3% of their income earned in France, which was criticized by the current US administration.

Speaking to reporters, Le Maire said that, if the US imposes sanctions against France in response to the tax, Paris will "immediately seek a riposte at the European level." He did not specify what that would entail. Meanwhile, the European Union is waiting for President-elect Joe Biden to take office and clarify his position on taxing tax giants before deciding on a course of action in March.

Breaking the News / DJ