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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook Inc    FB

FACEBOOK INC

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Facebook : France orders tech giants to pay digital tax

11/25/2020 | 12:45pm EST

PARIS, Nov 25 (Reuters) - France's finance ministry has sent out notices to big tech companies liable for its digital service tax to pay the levy as planned in December, the ministry said on Wednesday.

France suspended collection of the tax, which will hit companies like Facebook and Amazon, early this year while negotiations were underway at the Organisation for Economic Cooperation and Development (OECD) on an overhaul of international tax rules.

The finance ministry has long said it would collect the tax in December as planned if the talks proved unfruitful by then, which is what happened when the nearly 140 countries involved agreed last month to keep negotiating until mid 2021.

"Companies subject to the tax have received their notice to pay the 2020 instalment," a ministry official said.

France last year applied a 3% levy on revenue from digital services earned in France by companies with revenues of more than 25 million euros there and 750 million euros worldwide.

Facebook's stance "is to ensure compliance with all tax laws in the jurisdictions where we operate", it said, adding it had received its tax bill from the French authorities.

Amazon has received a reminder from the French authorities to pay the tax, and will comply, according to a person familiar with the matter at the online retailer.

Paris has said it will withdraw the tax as soon as an OECD deal is reached to update the rules on cross-border taxation for the age of online commerce, where big internet companies can book profits in low-tax countries regardless of where their customers are.

The talks stalled as the Trump administration became reluctant to sign on to a multilateral agreement, officials have said.

"We will levy this digital taxation mid December as we always explained to the U.S. administration," French Finance Minister Bruno Le Maire told a Bloomberg event on Monday.

"Our goal remains to have an OECD agreement by the first months of 2021," he said.

Dan Neidle, a partner at law firm Clifford Chance, was sceptical U.S. President-elect Joe Biden would agree to such a deal.

"I'm not sure why Biden would agree to something which enables U.S. corporations to pay more tax in Europe and has not many benefits to the U.S.," said Neidle. (Reporting by Leigh Thomas in Paris and Supantha Mukherjee in Stockholm; Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -1.69% 3287.16 Delayed Quote.2.12%
FACEBOOK INC -3.01% 275.0899 Delayed Quote.3.25%
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Financials (USD)
Sales 2020 83 802 M - -
Net income 2020 27 109 M - -
Net cash 2020 60 362 M - -
P/E ratio 2020 30,0x
Yield 2020 -
Capitalization 803 B 803 B -
EV / Sales 2020 8,87x
EV / Sales 2021 6,96x
Nbr of Employees 56 653
Free-Float 83,8%
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Technical analysis trends FACEBOOK INC
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Mean consensus BUY
Number of Analysts 51
Average target price 322,30 $
Last Close Price 282,05 $
Spread / Highest target 33,0%
Spread / Average Target 14,3%
Spread / Lowest Target -30,9%
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Managers and Directors
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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