France's Digital Tax on Tech Giants
Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at into guard dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight eight three. This is tech news briefing. I'm Tanya boost dose reporting from the newsroom in New York and France will proceed with the digital tax on international tech heavy hitters ones like like a Google and facebook. We'll check in on how new taxes of the digital variety are shaking up the tech industry and international affairs. That's after these tech headlines Japan's soft group. Unveiled a second tech Mega Fund even bigger than it's nearly one hundred billion dollar vision fund. It's called Vision Fund to and expects to gather some one hundred eight billion dollars in capital for more than a dozen investors ranging ranging from Apple and Microsoft the Journal notes that the planned inauguration of the second fund is a victory for Softbank Chief Executive Masayoshi Son who started the first vision fund just two years ago amid widespread doubt about its viability twitter has now been profitable for seven consecutive quarters a contrast two years of sustained losses that the company had reported after going public in twenty thirteen twitter's revenue rose eighteen percent to eight hundred forty one million dollars colors. This was helped by strong advertising sales in the U._S.. We also learned that twitter continues with solid user growth signs that investments to improve civility may be working but the journal notes that the adjustments are coming at a cost hiring more workers. Workers in areas like tech support and sales and spending on content are eating into twitter's profit journal's Georgia wells has the full breakdown at wsj.com and companies like facebook and alphabet not to mention Google could have their secretive algorithms policed by a beefed up watchdog Australia describes this as the world's first limits to the power or report by the Australian Competition and Consumer Commission concluded that U._S. Tech giant's we'll do too much influence wince over Australia's news and add markets they say changes are an order. The recommended changes which includes strengthening privacy safeguards with steep penalties of up to ten percent are listed in the full report and comes after facebook was hit with a five billion dollar fine. Last week in the U._S. coming up a new digital tax shakes up big tech and big government on an international scale capital. One knows life doesn't alert you about your credit card. That's why they've created. We know the capital one assistant that catches things that might look wrong with your credit card info catches over tipping duplicate charges or potential fraud and then sends an alert sheer phone helps you fix it. It's another way capital. One is watching after your money when you're not capital what what's in your Wallet See Capital One dot Com for details France will proceed with the digital tax on international tech giant's. It is a monumental tax on your garden variety tech behemoths like Google and facebook. President trump in particular spoke out against this tax. He says that it discriminated against American companies in a tweet he says quote we will announce a substantial. Chill reciprocal action on macron's foolishness shortly. I've always said American wine is better than French wine and quote the tax primarily targets companies that use consumer data to sell online advertising and is intended to stop these companies needs from avoiding taxes French Finance Minister Bruno Lemaire however pushed back against claims that the measure was un-american. We are not willing to target the American companies. We are just willing to have the fair and efficient ah vaccination of digital activities you have important companies which are benefiting from the sale of data huge amount of data and the not submitted to the same level of taxation although companies this. He's not fair and this is not efficient so we want to address this issue and we want to address this issue hand in hand with our American friends as for wine question of digital taxation that our trade stories stories on American wines also traumatize on French or the European wines fact is that during the last ten years has been a very important increase of importation of American ones to Europe. That's in fact the French finance minister goes on to pinpoint the matter as based on the fair taxation of digital activities. You have many huge companies some of the biggest companies of the world having an activities in France or in in Europe without any physical prisons and without being the level of taxes and we want to address that issue and our assessment is that it is in the interest of our American friends in the interest of the United.