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LONDON – French Finance Minister Bruno Le Maire on Monday welcomed the support of President Joe Biden’s administration for a proposed global tax on tech giants, saying that a multilateral deal could come into effect as soon as possible. spring.
It comes shortly after Biden’s candidate for Treasury secretary Janet Yellen expressed support for calls for tech companies to pay a larger share of their revenues in the countries where they operate.
Former President Donald Trump strongly opposed the proposed tax provisions, saying they discriminate against American businesses.
Speaking via videoconference at the Davos Agenda summit, Le Maire said: “I think it’s very good news that new Treasury Secretary Janet Yellen has just explained that she is open to the issue. ‘idea of thinking about a new international taxation with the two pillars: First, digital taxation and, of course, also a minimum tax on corporate tax. “
“I think we are on the right track. It is possible to find an agreement on this new international tax system by the end of spring 2021. And I can tell you that we will do our utmost to pave the way for a deal, ”The Mayor told CNBC’s Geoff Cutmore.
Yellen had backed calls for a new global levy on tax giants during a Senate confirmation hearing last week.
“This would allow us to collect a fair share from the companies while maintaining the competitiveness of our companies and decrease the incentives that American companies now have for offshore activities,” Yellen said, France-Presse reported on January 20. .
French Minister of Economy and Finance Bruno Le Maire speaks at a press conference in Paris on January 14, 2021.
THOMAS COEX | AFP | Getty Images
International taxation
The Mayor added: “The winners of the economic crisis are the digital giants. How to explain to certain sectors which have been hard hit by the crisis and who pay (their) level of taxes that the digital giants will not have to? pay the same amount of taxes? “
“It’s unfair” and ineffective, he said.
When asked if it was prudent for France to seek to impose corporate taxes amid the coronavirus pandemic, Le Maire replied: We have to ‘do our best to keep the same level of investment otherwise we clearly run the risk with open countries to exit. of the technological race of the 21st century. And we have to think about what kind of economy we want to build. “
“We want to build a sustainable economy. We want to reduce inequalities between nations. And we also want to reduce inequalities in the international tax system.”
The World Economic Forum is being held online this year due to the coronavirus crisis. A physical congregation of business leaders, political thinkers and global heads of state is scheduled for Singapore in May.
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