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Macron says tech giants enjoy 'permanent tax haven status' by Staff Writers Paris (AFP) Aug 21, 2019 French President Emmanuel Macron, who will defend a global tax on tech giants at this weekend's G7 meeting, on Wednesday criticised a "crazy" system that gives firms a "permanent tax haven status". "The global tech players do not contribute financially to the funding of the common good, it is not sustainable," the president told reporters. He said he had on Monday discussed the issue with US President Donald Trump, who has strongly opposed a law passed in France last month on taxing digital companies even if their headquarters are elsewhere. The law will affect US-based global giants like Google, Apple, Facebook and Amazon, among others. Macron said there had been "very strong lobbying" by the tech giants. "We must stop having people who have a permanent tax haven status," he said. The French law aims to plug a taxation gap that has seen some internet heavyweights paying next to nothing in European countries where they make huge profits, because their legal base is in smaller EU states. France has said it would withdraw the tax if an international agreement is reached, and Paris hopes to include all OECD countries by the end of 2020. Economy Minister Bruno Le Maire said last month France hoped to reach an agreement with the US on a universal tax on digital activities before the G7 heads of state meeting in Biarritz this weekend.
In high-tech Japan, cash is still king Tokyo (AFP) Aug 21, 2019 Once a pioneer in cashless transactions, Japan is now lagging behind as the world's biggest economies increasingly embrace electronic payments - because its ageing population still prefers physical money. Four out of five purchases are still made with cash in Japan, despite its reputation as a futuristic and innovative nation. In South Korea, some 90 percent of transactions are digital, while Sweden aims to be a cashless society as early as 2023. But in Japan, where crime and counterfeiting is ... read more
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