France welcomes U.S. pivot on Big Tech taxes, sees potential for a deal this spring

  • Date: 25-Jan-2021
  • Source: CNBC
  • Sector:Economy
  • Country:Middle East
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France welcomes U.S. pivot on Big Tech taxes, sees potential for a deal this spring

French Economy and Finance Minister Bruno Le Maire speaks during a press conference in Paris on January 14, 2021.THOMAS COEX | AFP | Getty ImagesLONDON — French Finance Minister Bruno Le Maire on Monday welcomed the support of President Joe Biden's administration over a proposed global tax on tech giants, saying a multilateral agreement could come into force as soon as this spring.It comes shortly after Biden's nominee for Treasury Secretary, Janet Yellen, voiced her support over calls for tech companies to pay a larger share of their revenues in the countries where they operate.Former President Donald Trump had strongly opposed the proposed tax arrangements, saying they discriminated against American firms.Speaking via videoconference at the Davos Agenda summit, Le Maire said: "I think it is very good news that the new Secretary for the Treasury Janet Yellen just explained that she was open about the idea of thinking about a new international taxation with the two pillars: First of all, digital taxation and, of course, also a minimum taxation on corporate tax.""I think we are on the right track. There is a possibility of finding an agreement on this new international taxation system by the end of this spring 2021.