France's tax on tech giants like Google and Amazon could bring in $570 million per year

A three percent tax on the French revenue of large internet companies could yield 500 million euros ($568.3 million) per year, French Finance Minister Bruno Le Maire said on Sunday.

Le Maire told Le Parisien newspaper the tax is aimed at companies with worldwide digital revenue of at least 750 million and French revenue of more than 25 million euros.

He said the tax would target some 30 companies, mostly American, but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies.

The paper listed Google, Amazon, Facebook and Apple (the four so-called “GAFA” companies) but also Uber, Airbnb, Booking and French online advertising specialist Criteo as targets.

“A taxation system for the 21st century has to built on what has value today, and that is data,” Le Maire said.

He added it is also a matter of fiscal justice, as the digital giants pay some 14 percentage points less tax than European small-and-medium sized companies.

Fairer taxes are a key demand of the “yellow vest” protests seen across France in the past three months.

Le Maire said the tax would target platform companies that earn a commission on putting companies in touch with customers.

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