French Tax Proposal Takes Aim at Apple and Other Tech Companies
Could Apple (NASDAQ:AAPL) be hit with a new tax bill from the European Union? At a meeting next week, representatives from France will be pushing the EU to implement controversial new tax laws and regulations that could impact major U.S. Internet companies, reports the Wall Street Journal. The proposals could affect how major technology companies such as Apple, Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN), and Facebook (NASDAQ:FB) operate and pay taxes in Europe.
According to documents seen by The Telegraph, the French representatives are proposing the establishment of “a tax regime for digital companies that ensures that the profits they make on the European market are subject to taxation and that the revenues are shared between the member states, linking the tax base to the place where the profits are made.”
“We must introduce a European tax on data flows,” stated French EU parliament member Catherine Trautmann via the Wall Street Journal. Besides imposing a tax on “data flows,” the French proposal also seeks to regulate how major tech companies such as Apple, Google, Amazon, and Facebook operate their platforms in order to make it easier for European tech companies to compete.