France to create a 3% tax on internet giants' revenue

The French government is unveiling plans to slap a 3% tax on the French revenues of internet giants like Google, Amazon and Facebook.

Finance Minister Bruno Le Maire is presenting the bill during Wednesday's weekly Cabinet meeting before it heads to Parliament.

The bill outlines how digital companies with worldwide revenue over 750 million euros ($848 million) including French revenue over 25 million euros will be taxed.

Le Maire said in Le Parisien newspaper Sunday that about 30 companies, mostly based from the US, but also from China and Europe, will be affected.

He estimates it will raise about 500 million euros a year.

France decided to implement the tax after a similar proposal at the European Union level failed to get unanimous support from member states.

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