Jul 5, 2019 - Technology
France advances tax on Big Tech
French lawmakers voted for a tax on the revenues of certain large digital companies on Tuesday, per the Associated Press.
Why it matters: The 3% tax on the local revenues of digital giants, like Facebook and Google, hasn't become law yet — but would be a shot across the bow of American tech giants who already face scrutiny in Europe.
What's next: The law has been passed by France's National Assembly, according to AP, but still requires approval from a second legislative chamber.
The big picture: Boris Johnson, favored to become the next U.K. prime minister, has also indicated support for such a tax, per Reuters.
Go deeper: Global tax proposals take aim at U.S. tech