France has resumed their special tax on the leading tech giants companies like Amazon and Facebook for operating in their regions. This decision came after the US government has increased its tariff on a few of the French products. It said that US retaliatory tariffs have been increased on the branded France Champagne, cheese, few cosmetic products, and other goods. Many countries are in talks with the economical experts on increasing their tariff plans and other taxes on imports and exports of products. This is mainly due to the global economical condition which prevailed over the last couple of months.
It looks like most of the developing countries will be increasing their tax collecting from the tech giants and other automobile manufacturing companies to boost their economic growth. It’s estimated that the tax collected from the big giants in France during the last financial year is around 400 million euros. This amount from the tech giants will be used in developing the infrastructure and to provide basic amenities for its citizens. To improve its friendship with the US, the government of France has agreed to reduce its tariff plans on US products. It looks France might impose a few other taxes on the US products for increasing the revenue and put US companies to force its government to remove the tax on France products.
It looks like most of the European countries are facing huge debt problems mainly due to the lockdown which prevailed over the months. Most of the European countries have relied on travel and tourism which has been completely stopped during the pandemic. Even though these companies have a strong base in developing fashion designer products, They couldn’t able to increase their sales pitch during this period. The European Union has already granted a million euros to support these countries to get back to their previous economic condition. It expected that the travel and tourism industry might get back to track during the mid of next year.
Even though leading airline companies have granted permission to travel across different countries, still we could able to find a large group of people who are willing to travel. Earlier to this Trump government has promised to suspend tariffs on France products through their agreement which made these companies induce imports and exports of goods. President-elect Joe Biden’s administration is expected to rejoin the agreement between these two countries. France’s finance minister has made an official announcement about the new tax that’s being imposed on US products. Its made clear that the revised version of the 2020 tax bills is sent to these companies to pay their bills within their due date.
This move will force these companies to pay their respective bills to carry out their operations in France. It looks like the tax paid by these companies might be slightly higher when compared with last year’s tax. These companies have gained a huge profit during this period of time. It’s said that Amazon has doubled its profit when compared with last year’s revenue. Along with Google and Amazon, a few other companies are also expected to pay their taxes to carry out their operations inside France.