Apple would be among the more than two dozen companies affected by the French government's proposed 3 percent tax on tech giants. (David Paul Morris/Bloomberg)France moved Wednesday to impose a 3 percent tax on Google, Apple, Facebook and other tech giants in a bid to advance an international agreement to clamp down on corporate tax avoidance. The Organization for Economic Cooperation and Development is developing a plan to close global tax loopholes that allow billions of dollars to escape government coffers. Critics say that tech giants generate enormous wealth, but are not appropriately taxed where they do business. The cost to individual American tech companies could be significant, especially if other nations follow suit or the European Union establishes its own bloc-wide tax on tech firms.

Source: Washington Post March 06, 2019 17:21 UTC