France has hit back at the United States government amid a spiralling row on taxes. Earlier this week, the US threatened tariffs and other trade restrictions on the French in retaliation for a new law that will impose taxes on Internet companies, most of which are American. Nicknamed the Gafa tax - an acronym for Google, Apple, Facebook and Amazon - the measure, which became law on Thursday after receiving the approval of the French Senate, imposes a 3 per cent charge on the total annual revenues of the largest technology firms providing goods and services to French consumers. "France is a sovereign country, its decisions on tax matters are sovereign and will continue to be sovereign," said French Finance Minister Bruno Le Maire. "Between allies, I believe we can and must resolve our differences in another way than through threats." With Britain and a number of other European countries planning to follow France's lead by imposing similar levies, the pressure is mounting on the giants … [Read more...] about Europe faces trade row with US as France taxes Net giants
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Joko Widodo, Indonesia's president, gestures as he speaks during an interview in Jakarta on Friday. (Blooomberg photo) JAARTA: Indonesian President Joko Widodo vowed to implement a wave of reforms to attract foreign investment as he looks to unleash the potential of Southeast Asia’s biggest economy during his second term in office.In an interview at his Jakarta office on Friday, the president, commonly known as Jokowi, pledged to quickly lower corporate taxes, ease stringent labor laws and lift curbs on foreign ownership in more industries. Emboldened by a landslide election win in April, the president insisted he had a mandate to push key reforms through parliament. “I know better the problems,” Jokowi said, adding that “many young people” would fill his cabinet in a reshuffle in October. “Because this is my last term, so I have no burden. I have nothing to lose.” Following a bitter election campaign that saw violent street … [Read more...] about Jokowi vows sweeping Indonesia reforms
Jakarta. Indonesia, an emerging middle-income country, is already the world's 16th largest economy by gross domestic product and the 10th strongest in terms of purchasing power parity, and a member of the G-20. A number of global consultancy firms and banks have reported that the world's fourth most populous nation, which has charted impressive economic growth since overcoming the Asian financial crisis in 1997-1998, has yet to unleash its true economic potentials, given the country has a large young population, is rich in natural resources and is currently seeing a middle class boom – which has boosted the number of its affluent consumers. Bloomberg reported in January, citing a report from Standard Chartered, that Indonesia could shake up the world's gross domestic product rankings by breaking into the top five in 2030. This is a much more optimistic prediction than the one made in a report by McKinsey in 2012, which said Indonesia … [Read more...] about Can Indonesia Leverage a ‘Golden Moment’ in Its Economy?
AKRON, Ohio — Colin Robertson wonders why he pays federal taxes on the $18,000 a year he makes cleaning carpets, while the tech giant Amazon got a tax rebate. His concerns about a tilted economic playing field recently led Robertson to join the Akron chapter of the Democratic Socialists of America. At a gathering this month, as members discussed Karl Marx and corporate greed over chocolate chip cookies, it was not long before talk turned to income inequality and how the government helps the wealthy avoid taxes. “One of the benefits of taxation is taking it and using it for the collective good,” said Robertson, 25, comparing his minimal income to the roughly $150 billion net worth of Jeff Bezos, Amazon’s chief executive and the world’s richest person. “He could be taxed at 99.9 percent and still have millions left over,” Robertson said, “and I’d be homeless.” It is a topic that several presidential candidates, led by Sens. … [Read more...] about News $0 corporate tax for Amazon, profitable giants sickens US voters