Energy News  
TRADE WARS
US moves closer to EU position on taxing tech giants
By Antonio RODRIGUEZ
Washington (AFP) Oct 14, 2017


Washington is softening its position on European plans to impose taxes on US tech giants such as Apple and Google, officials said this week.

The evolving attitude in recent days would mark a stark shift from American officials' frustration at previous efforts by European authorities to collect taxes from Silicon Valley firms.

"The United States is open to considering the matter and they understand very well the need for the fair taxation of digital giants," French Finance Minister Bruno Le Maire told reporters on Friday.

He spoke after meeting with US Treasury Steven Mnuchin on the sidelines of the annual meetings of the World Bank and International Monetary Fund.

A Treasury Department spokesman on Friday referred AFP to a statement made earlier this month, according to which American officials remain "deeply concerned" about the matter.

The administration of former President Barack Obama was outraged in 2016 when European authorities decided to force iPhone maker Apple to pay $14.5 billion in back taxes after the company negotiated highly favorable tax arrangements with the Irish government.

But, according to Pascal Saint-Amans, director of the tax policy and administration center at the Organization for Economic Cooperation and Development, Washington's attitude has changed in recent days.

The European Commission is due next year to present proposals for taxing tech giants such as Google and Apple, and France is also threatening to impose far more punishing taxes -- not on profits but on corporate revenues, according to Saint-Amans.

Washington knows "countries will act unilaterally and so they prefer to be involved themselves," Saint-Amans told AFP.

Headquartered in Paris, the OECD has worked on this subject for several years, but had so far encountered American officials' firm refusal to discuss it.

The OECD will present G20 finance ministers with a report on the subject in April, aiming for a long-term solution.

Because this may take time, the OECD is also seeking to harmonize various governments' tax proposals to reduce the harm they could cause to companies' financial positions, according to Saint-Amans.

- Global problem, global solution? -

"The news is the United States will sit at our table not to block the discussion, but to the contrary, to drive it and try to discourage, or at least limit, the damages these taxes could cause," he said.

European Commissioner for Economic and Financial Affairs Pierre Moscovici on Friday addressed the G20 on Brussels' views about taxing Google, Apple, Facebook and Amazon, or the GAFA companies, and others.

Speaking to AFP on the sidelines of the World Bank-IMF meetings, Moscovici hailed American "pragmatism" on the tax question.

"For an international problem, you need an international solution," he said.

"The Americans are in the same situation we are. Their own tax system is not adapted for this economy and they're also losing very substantial revenues that have to be made up for," said Moscovici.

"The problem of taxing the GAFA companies is global and the best answer will be too," he said.

"We'll wait for the G20 to draw their own conclusions" from an OECD study, said Moscovici, who has warned that if a global solution is not forthcoming, the European Commission will propose its own tax measures.

"To my mind, the best solution is the common consolidated tax base, in other words corporate taxes," he said, noting that all options were on the table, including the French proposal to tax corporate revenues.

According to Saint-Amans, the OECD will offer member countries a reasonable means of revenue collection "while satisfying the need to stop these companies from having a near-zero tax burden."

In a statement earlier this month, the US Treasury Department reiterated its long-held position opposing "retroactive tax assessments" by the European Commission.

"As Treasury stated in an August 2016 white paper, the commission's approach in the state aid cases is unfair, contrary to well-established legal principles, and calls into question the tax rules of EU member states," a spokesman said.

But in another sign of shifting US views, Washington has agreed to the creation of a working group with France, according to Le Maire, the French finance minister.

"This will allow us a bilateral review of a few proposals made today by the commission," he said.

TRADE WARS
US, Turkish military relations good amid diplo spat: Mattis
Washington (AFP) Oct 11, 2017
US and Turkish military forces continue to work well together, Defense Secretary Jim Mattis said Wednesday amid a diplomatic row between the two NATO partners. "We maintain a very close collaboration, very close communication, the military-to-military interaction and integration has not been affected by this," Mattis told reporters as he traveled to a military headquarters in Florida. "W ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
'Fuel-secure' steps in Washington counterintuitive, green group says

SLAC-led project will use AI to prevent or minimize electric grid failures

Scientists propose method to improve microgrid stability and reliability

ADB: New finance model needed for low-carbon shift in Asia

TRADE WARS
Sodium could replace lithium for more cost-efficient battery storage

Tesla delays truck launch, eyes battery power for Puerto Rico

A new way to produce clean hydrogen fuel from water using sunlight

New nanomaterial can extract hydrogen fuel from seawater

TRADE WARS
OX2 hands over Ajos wind farm to IKEA Finland

Huge energy potential in open ocean wind farms in the North Atlantic

Wind farms in Atlantic could power the world: study

Germany gets economic lift with wind energy

TRADE WARS
Solar panels shine in darkest Amazon, the 'last frontier'

Total moves deeper into solar energy market

Flying Dutch win world solar car race in Australia

Statoil taps solar market in Brazil

TRADE WARS
Greenpeace fireworks shine light on French nuclear safety concerns

Japan government, TEPCO liable for Fukushima crisis: court

New 'molecular trap' cleans more radioactive waste from nuclear fuel rods

French, Belgian nuke plants vulnerable to attack: Greenpeace

TRADE WARS
NGOs slam UN aviation agency plan for biofuels

Breakthrough in direct activation of CO2 and CH4 into liquid fuels and chemicals

Surrounded by potential: New science in converting biomass

A key step in synthetic fuel production from seawater patented by NRL

TRADE WARS
Chevron abandons Great Australian Bight drill plans

Kurdish oil export payments continue after referendum

Canadian trade group makes pitch for global edge

Iranian energy companies lay out investment options in Amsterdam

TRADE WARS
Every economy at risk from climate change, IMF says

Ninety-eight scientists launch a 2,000-year global temperature database

Auditor slams Canada on lack of climate actions

Drought not dingos behind mainland Australia tiger extinction: study









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.