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France will tax digital giants from 2019 even if no EU-wide agreement: FinMin

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12/06/2018 | 02:12am EDT
FILE PHOTO: French Finance Minister Bruno Le Maire attends a session of the National Assembly in Paris

PARIS (Reuters) - Finance Minister Bruno Le Maire on Thursday said France will tax digital giants at a national level from 2019 if European Union states cannot reach an agreement on a tax on digital revenues for the bloc.

EU finance ministers failed to agree a tax on digital revenues on Tuesday, despite a last minute Franco-German plan to salvage the proposal by narrowing its focus to companies like Google and Facebook.

"I am giving myself until March to reach a deal on a European tax on digital giants," Le Maire told France 2 television.

"If it doesn't work out, we will do it at a national level, from 2019," he added.

The setback in Brussels this week was a blow to French President Emmanuel Macron, whose government has invested considerable political capital in the tax.

It also came at a time when the French government has been beset by nationwide protests against the high cost of living and economic policies perceived as favoring big business and the wealthy, but doing nothing to help the poor.

(Reporting by Richard Lough; Editing by Sudip Kar-Gupta)

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET 0.11% 1241.47 Delayed Quote.18.81%
AMAZON.COM -0.17% 1861.69 Delayed Quote.23.95%
APPLE 0.36% 203.86 Delayed Quote.29.24%
FACEBOOK -0.28% 178.28 Delayed Quote.36.00%
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Financials ($)
Sales 2019 164 B
EBIT 2019 36 428 M
Net income 2019 33 261 M
Finance 2019 126 B
Yield 2019 -
P/E ratio 2019 26,49
P/E ratio 2020 22,72
EV / Sales 2019 4,49x
EV / Sales 2020 3,65x
Capitalization 861 B
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Number of Analysts 43
Average target price 1 343 $
Spread / Average Target 8,2%
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Sergey Mikhaylovich Brin President & Director
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