France introduced GAFA tax on global internet,technology firms


France introduced a new “GAFA tax” named after the large internet and technology companies Google, Apple, Facebook and Amazon to ensure the global giants pay a fair share of taxes on their massive businesses in Europe.

According to France’s finance Minister Bruno Le Maire, the new tax would raise 500 million euros (570 million dollars) in 2019.]

The unilateral move from France came after the deal for EU wide tax which required the support of all 28 EU states, crumbled earlier this month, with opposition from countries including Ireland, home to the European headquarters of Google and Apple.

While other EU member states such as Britain, Spain and Italy are working on national versions of a digital tax, Asian countries such as Singapore and India are also planning their own schemes.