France defies the United States over taxing tech giants; the row threatens to dominate a G7 meeting
French Finance Minister Bruno Le Maire and Governor of the Bank of France Francois Villeroy de Galhau welcome Bank of England Governor Mark Carney at the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 17, 2019.
The move infuriated the United States, which announced an unprecedented probe against France, which could trigger the imposition of tariffs. "The possibility of US sanctions against France exists," Le Maire said. "There is a legal instrument for that and clearly there is the political will." Britain unveiled legislation last week and Spain said on Wednesday it would move forward once a new government is in place.
Work has been under way for several years on a reform of the international tax system to ensure that multinationals are not able to escape paying taxes in countries where they do large amounts of their business.A number of other thorny issues await G7 ministers when they begin their meeting against a mixed global economic picture.
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