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World


France to push for an end to all tax havens

Dubai, Feb 11 (UNI) France will work with the G7 countries to deliberate legislation to put an end to the existence of zero-tax havens around the world, according to the country's Minister of Economy and Finance, Bruno La Mer.

“Zero tax havens are unacceptable,” said La Mer in an impassioned speech at the 7th annual World Government Summit here.

France hosts the G7 presidency this year, and in meetings to be held in March, La Mer said President Emmanuel Macron would take the opportunity to push for a minimum corporate tax rate at economies around the world.

“We need an effective corporate tax because some companies are located in tax havens but operate subsidiaries in France thus circumventing any and all tax,” he said.

“France wants fair taxation of internet giants.

We can’t fund public goods without fair taxation of digital activities. And taxing SMEs cant make up for the richest companies in the world. So we hope to have a solution by March,” news portal ArabianBusiness quoted him as saying.

La Mer also added that France would continue to push for social reforms in its bid to position itself as Europe’s leading economy.

“We will remain determined to enact even more social reforms to make it a more attractive place for investment in Europe. We want to be Europe’s leader,” he said, acknowledging that France was facing “a social crisis at the moment” because of populist protests around the country in response to Macron’s implementation of social fiscal reforms.

UNI SRJ

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