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ALPHABET INC.

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EU should press ahead with digital tax plans, France says

10/14/2020 | 01:15pm EST
French Finance Minister Bruno Le Maire leaves following the weekly cabinet meeting at the Elysee Palace in Paris

PARIS (Reuters) - The European Union should press ahead with plans for a bloc-wide digital tax in case global talks at the OECD to rewrite international tax rules fail, French Finance Minister Bruno Le Maire said on Wednesday.

G20 finance ministers gave their support on Wednesday to extending until mid-2021 negotiations to update cross-border tax rules for the digital age after talks ground to a halt following the COVID-19 pandemic outbreak, and in the face of reticence from Washington as the U.S. presidential election neared.

Le Maire said his U.S. counterpart Steven Mnuchin was opposed to OECD proposals on digital taxation, which aim to discourage U.S.-based tech giants like Google, Facebook and Amazon from legally shifting profits to low-tax countries like Ireland.

He added that a change of administration in Washington after the Nov. 3 U.S. election would not necessarily lead to a change in the U.S. position, although the new government might be less aggressive with trade retaliation.

"Either one accepts an extension again for months, maybe years, or one considers that fair taxes on digital activities are urgent and in this case Europe sets the example," Le Maire said.

"We consider it indispensable that Europe sets an example and adopts digital taxation as soon as possible."

In the absence of a global reform of decades-old rules on cross-border tax, a growing number of countries have followed France's lead with plans for their own national digital services tax.

While talks were underway this year, France suspended collection of its tax until December and Washington suspended until January retaliatory trade tariffs on French goods.

Even though the talks have been pushed back until mid-2021, Le Maire said that the French digital services tax would be collected as planned from December.

(Reporting by Leigh Thomas; Editing by Gareth Jones)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 2.10% 1763.9 Delayed Quote.31.69%
AMAZON.COM, INC. 0.63% 3118.06 Delayed Quote.68.74%
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Financials (USD)
Sales 2020 179 B - -
Net income 2020 35 705 M - -
Net cash 2020 118 B - -
P/E ratio 2020 34,6x
Yield 2020 -
Capitalization 1 195 B 1 195 B -
EV / Sales 2020 6,03x
EV / Sales 2021 4,93x
Nbr of Employees 132 121
Free-Float 90,3%
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Mean consensus BUY
Number of Analysts 47
Average target price 1 884,54 $
Last Close Price 1 763,90 $
Spread / Highest target 27,6%
Spread / Average Target 6,84%
Spread / Lowest Target -29,9%
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Managers
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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