A European digital withdrawal
A European digital withdrawal
The French president emmanuel macron.
Photo:
Pool / Reuters
As impressive as the successes of Emmanuel Macron's reform have been, this week brings news of a failure of the French president that is worth applauding. There are growing indications that the European-scale digital tax appreciated by Paris is falling by the wayside.
The finance ministers of Ireland, Sweden and Denmark rejected this week the proposal of digital taxes of the European Commission, published at the beginning of this year, and Berlin now also seems to have reservations. Everything indicates that at least some of these governments will exercise their veto on the plan at the next finance ministers summit in December, or they will launch the plan to the prolonged pasture, delaying subsequent actions until 2021 or later.
Mr. Macron and Minister of Finance Bruno Le Maire have aggressively defended this tax, which the Commission would establish as a 3% charge on income (not profits), which will be paid to the EU state where the revenue is obtained instead of a European subsidiary it has its headquarters. This is an attack on the technological giants of EE. UU., Like Facebook, Amazon and Alphabet, father of Google, since few European companies will reach the thresholds of € 750 million in annual world revenues and € 50 million in EU income over which the tax is applied.
The plan is also a political attack on EU states with low taxes, such as Ireland, which has attracted the European headquarters of many global technology companies by imposing a tax rate of 12.5% on corporate profits. EU members with happy taxes, such as France and Germany, have complained about this competition for decades, and Messrs. Macron and Le Maire may have thought that public irritation towards American technology companies for privacy would provide political cover for another attack in Dublin.
But Dublin is stubbornly defending its fiscal sovereignty. Sweden is concerned about the implications for its own technological economy, including the Spotify music streaming service. Other leaders are worried about possible retaliation by President Trump. Berlin now says it would prefer to wait for the digital tax plan of the Organization for Economic Cooperation and Development, which may be a long wait, despite the fact that Chancellor Angela Merkel points out her support for the French plan earlier this year.
This is not the end of European attempts to impose new digital taxes. Britain, Spain and Italy have proposed or threatened to propose their own taxes on digital revenues. But as the EU's economic growth is beginning to wane, it is a relief that finance ministers can spend more time discussing ways to boost European competitiveness than by developing a punitive tax regime.
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