11/27/2019, 4:27 PM (Source: TeleTrader)
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USTR to issue report on France's digital tax next week

The Office of the United States Trade Representative (USTR) announced on Wednesday that it is nearing the end of its investigation into France's decision to impose a Digital Services Tax (DST) and will publish a report on its findings and "proposed action" in response to the move on Monday, December 2.

In July, the French parliament approved and President Emmanuel Macron signed into law the 3% levy on total annual revenues generated by companies whose revenues exceed €750 million globally and €25 million in France.

The US had urged France to give up on the tax which would affect companies including American tech giants Facebook, Amazon and Google and US President Donald Trump threatened to retaliate by introducing taxes on French wine.

Baha Breaking the News (BBN) / NP