When it comes to managing businesses, one thing which every business person want to pay fewer taxes. However, Google, Facebook, Amazon, and other big companies might be on the verge of paying more taxes in Europe. Recently the French Parliament passed a bill which stated that big tech companies would have to pay a more significant amount of taxes. There has been a hard situation for many big companies because they had always been under the radar of French government for paying higher taxes. Under this new proposal, the French government is expecting to earn $543 million more of tax revenue.
Europe is getting quite serious about putting a high rate of taxes on big companies because they might receive an enormous amount of revenues. However, for big tech firms, the problem doesn’t end here because other countries in Europe are also trying to walk on the path of French. UK government is also planning to bring the same tax legislature for such prominent companies which will bring them more revenue. Boris Johnson, who is expected to be elected as the next prime minister of Britain is also in support of this new tax legislation.
There have been many cases of data scandal where tech companies like Google, Facebook had to pay billions of dollars in penalty. Now, after bringing new rules like GDPR, Europe is trying to strengthen its tax structure for big companies. However, things like tax havens have always worked for them because in such a situation a company registers in those continents where tax slabs are zero, and companies show that they are operating from there. Some experts think raising tax rates are going to increase more problems since more companies would use tax havens for saving millions of dollars.
