The legislation will impose a 3 percent levy on tech giants with at least $845 million (750 million euros) in global revenue with sales totaling $28 (25 million euros) in France.
The so-called “GAFA tax” – because it targets companies including Google, Apple, Facebook and Amazon – will impose a 3 percent levy on tech giants with at least $845 million in global revenue with sales totaling $28 in France.
GAFA targets international companies that “create value through French internet users,” which often bypass taxes by opening regional offices but keeping their headquarters in countries with more lenient laws. The passage of the bill comes after the U.S. preemptively announced it will open an investigation against the new law and explore new tariffs on French goods in retaliation.
“France is a sovereign state that decides its tax measures with sovereignty and will continue to take sovereign tax decisions,” countered French finance minister Bruno Le Maire in a speech to the country's Senate.
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