France-G7 FM Meeting/Digital Tax

Digital services tax hot topic for G7 finance ministers

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Shotlist


Chantilly, France - July 17, 2019 (CCTV - No access Chinese mainland)
1. Various of poster of G7 finance ministers meeting
2. Various of French Finance Minister Bruno Le Maire (L), Governor of Bank of France Francois Villeroy de Galhau, at entrance welcoming guests
3. SOUNDBITE (French) Bruno Le Maire, French finance minister:
"We will spare no efforts to reach a deal on a digital services tax at the G7 finance ministers meeting, to lay the foundation for reaching related deals under the Organization for Economic Cooperation and Development (OECD) by 2020. It is surely difficult. We saw the United States has been taking a tough stance recently, and they conducted a 301 investigation on France. I want to reiterate that we will keep the digital services tax unchanged because it is a decision made by French people through the parliament. However, if the international community reaches any consensus, France will cancel it."

FILE: Los Angeles, USA - Feb 22, 2017 (CGTN - No access Chinese mainland)
4. Various of logos of Google

FILE: Paris, France - Oct 16, 2012 (CCTV - No access Chinese mainland)
5. Screen showing Google search engine, personal profiles on Google search engine

FILE: Date and Location Unknown (CCTV - No access Chinese mainland)
6. Mobile phone screen showing social media apps

FILE: USA - Date Unknown (CGTN - No access Chinese mainland)
7. People using Facebook on cellphone

FILE: New York City, USA - Date Unknown (CGTN - No access Chinese mainland)
8. Various of Amazon's off-line bookstore, customers

Chantilly, France - July 17, 2019 (CCTV - No access Chinese mainland)
9. SOUNDBITE (English) Bruno Le Maire, French finance minister:
"And they are sticking to some very strong commitments, some very strong rules. We cannot accept to have a new currency, having exactly the same kind of power, without the same kind of rules, without the same kind of commitments and without the same kind of obligations. And there is also a concern about money laundering, there's a concern about the funding of terrorism. We have spent many years before addressing that issue and being able to fix that issue of money laundering and defending of terrorism. How could we accept to have now a new currency which wouldn't stick to the same kind of obligation when we spent so much time to define very strong rules."

FILE: Paris, France - March 26-27, 2019 (CCTV - No access Chinese mainland)
10. Various of Arc de Triomphe, national flag of France

FILE: Paris, France - Oct 30, 2017 (CCTV - No access Chinese mainland)
11. Eiffel Tower

Storyline


France is hosting a two-day meeting in the northern town of Chantilly starting on Wednesday of finance ministers of G7 governments with a focus on the dispute regarding digital services tax between France and the United States.

As France is using its G7 presidency to help in the fight against inequality, French Finance Minister Bruno Le Maire, invited his counterparts from Germany, Italy, Japan, the United Kingdom, the United States and Canada to have related discussions.

On July 11, the French Parliament adopted the introduction of a tax on the world's top digital companies with global annual sales of more than 750 million euros (about 841 million U.S. dollars) and sales in France of at least 25 million euros after a final vote from the senate.

That has made France one of the first countries to impose a tax on digital giants such as Google, Apple, Facebook and Amazon, defying Washington's threat to launch a probe that could lead to higher tariffs on French imports if the two sides fail to reach a settlement.

It is the first time for finance ministers of France and the United States to meet at the FM gathering in France after the dispute.

Le Maire said his country will never step back on this issue, even faced with threats of the United States.

"We will spare no efforts to reach a deal on a digital services tax at the G7 finance ministers meeting, to lay the foundation for reaching related deals under the Organization for Economic Cooperation and Development (OECD) by 2020. It is surely difficult. We saw the United States has been taking a tough stance recently, and they conducted a 301 investigation on France. I want to reiterate that we will keep the digital services tax unchanged because it is a decision made by French people through the parliament. However, if the international community reaches any consensus, France will cancel it," he said.

However, many media analysts said reaching deals at the meeting may not be possible as the France-US dispute is so obvious.

In June, the well-known U.S. social network company Facebook announced a plan to launch a new global digital currency Libra to tap into digital payments that will debut in 2020, drawing the world's attention and becoming a main issue at the meeting.

"And they are sticking to some very strong commitments, some very strong rules. We cannot accept to have a new currency, having exactly the same kind of power, without the same kind of rules, without the same kind of commitments and without the same kind of obligations. And there is also a concern about money laundering, there's a concern about the funding of terrorism. We have spent many years before addressing that issue and being able to fix that issue of money laundering and defending of terrorism. How could we accept to have now a new currency which wouldn't stick to the same kind of obligation when we spent so much time to define very strong rules," said Le Maire.

On the agenda, ministers are also due to overhaul international tax rules via the implementation of a minimum corporate taxation which according to Le Maire "is the only way to fight effectively against tax evasion that makes our compatriots balk."

Along with the outgoing European Central Bank President Mario Draghi and representatives of the major international organizations -- World Bank, European Commission and Eurogroup, IMF and OECD -- they will also discuss how to make finances more environmental and improve cyber security in the financial sector.

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  • ID : 8116320
  • Published : 2019-07-18 11:31
  • Last Modified : 2019-07-19 15:20:55
  • Location : France
  • Category : economy, business and finance
  • Duration : 2'27
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  • Published : 2019-07-18 17:36
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  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
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France-G7 FM Meeting/Digital Tax

Digital services tax hot topic for G7 finance ministers

Dateline : July 17, 2019/File

Location : France

Duration : 2'27

  • English
  • Français
  • العربية
  • Pусский
  • Español
  • 日本語
  • Deutsch


Chantilly, France - July 17, 2019 (CCTV - No access Chinese mainland)
1. Various of poster of G7 finance ministers meeting
2. Various of French Finance Minister Bruno Le Maire (L), Governor of Bank of France Francois Villeroy de Galhau, at entrance welcoming guests
3. SOUNDBITE (French) Bruno Le Maire, French finance minister:
"We will spare no efforts to reach a deal on a digital services tax at the G7 finance ministers meeting, to lay the foundation for reaching related deals under the Organization for Economic Cooperation and Development (OECD) by 2020. It is surely difficult. We saw the United States has been taking a tough stance recently, and they conducted a 301 investigation on France. I want to reiterate that we will keep the digital services tax unchanged because it is a decision made by French people through the parliament. However, if the international community reaches any consensus, France will cancel it."

FILE: Los Angeles, USA - Feb 22, 2017 (CGTN - No access Chinese mainland)
4. Various of logos of Google

FILE: Paris, France - Oct 16, 2012 (CCTV - No access Chinese mainland)
5. Screen showing Google search engine, personal profiles on Google search engine

FILE: Date and Location Unknown (CCTV - No access Chinese mainland)
6. Mobile phone screen showing social media apps

FILE: USA - Date Unknown (CGTN - No access Chinese mainland)
7. People using Facebook on cellphone

FILE: New York City, USA - Date Unknown (CGTN - No access Chinese mainland)
8. Various of Amazon's off-line bookstore, customers

Chantilly, France - July 17, 2019 (CCTV - No access Chinese mainland)
9. SOUNDBITE (English) Bruno Le Maire, French finance minister:
"And they are sticking to some very strong commitments, some very strong rules. We cannot accept to have a new currency, having exactly the same kind of power, without the same kind of rules, without the same kind of commitments and without the same kind of obligations. And there is also a concern about money laundering, there's a concern about the funding of terrorism. We have spent many years before addressing that issue and being able to fix that issue of money laundering and defending of terrorism. How could we accept to have now a new currency which wouldn't stick to the same kind of obligation when we spent so much time to define very strong rules."

FILE: Paris, France - March 26-27, 2019 (CCTV - No access Chinese mainland)
10. Various of Arc de Triomphe, national flag of France

FILE: Paris, France - Oct 30, 2017 (CCTV - No access Chinese mainland)
11. Eiffel Tower


France is hosting a two-day meeting in the northern town of Chantilly starting on Wednesday of finance ministers of G7 governments with a focus on the dispute regarding digital services tax between France and the United States.

As France is using its G7 presidency to help in the fight against inequality, French Finance Minister Bruno Le Maire, invited his counterparts from Germany, Italy, Japan, the United Kingdom, the United States and Canada to have related discussions.

On July 11, the French Parliament adopted the introduction of a tax on the world's top digital companies with global annual sales of more than 750 million euros (about 841 million U.S. dollars) and sales in France of at least 25 million euros after a final vote from the senate.

That has made France one of the first countries to impose a tax on digital giants such as Google, Apple, Facebook and Amazon, defying Washington's threat to launch a probe that could lead to higher tariffs on French imports if the two sides fail to reach a settlement.

It is the first time for finance ministers of France and the United States to meet at the FM gathering in France after the dispute.

Le Maire said his country will never step back on this issue, even faced with threats of the United States.

"We will spare no efforts to reach a deal on a digital services tax at the G7 finance ministers meeting, to lay the foundation for reaching related deals under the Organization for Economic Cooperation and Development (OECD) by 2020. It is surely difficult. We saw the United States has been taking a tough stance recently, and they conducted a 301 investigation on France. I want to reiterate that we will keep the digital services tax unchanged because it is a decision made by French people through the parliament. However, if the international community reaches any consensus, France will cancel it," he said.

However, many media analysts said reaching deals at the meeting may not be possible as the France-US dispute is so obvious.

In June, the well-known U.S. social network company Facebook announced a plan to launch a new global digital currency Libra to tap into digital payments that will debut in 2020, drawing the world's attention and becoming a main issue at the meeting.

"And they are sticking to some very strong commitments, some very strong rules. We cannot accept to have a new currency, having exactly the same kind of power, without the same kind of rules, without the same kind of commitments and without the same kind of obligations. And there is also a concern about money laundering, there's a concern about the funding of terrorism. We have spent many years before addressing that issue and being able to fix that issue of money laundering and defending of terrorism. How could we accept to have now a new currency which wouldn't stick to the same kind of obligation when we spent so much time to define very strong rules," said Le Maire.

On the agenda, ministers are also due to overhaul international tax rules via the implementation of a minimum corporate taxation which according to Le Maire "is the only way to fight effectively against tax evasion that makes our compatriots balk."

Along with the outgoing European Central Bank President Mario Draghi and representatives of the major international organizations -- World Bank, European Commission and Eurogroup, IMF and OECD -- they will also discuss how to make finances more environmental and improve cyber security in the financial sector.

ID : 8116320

Published : 2019-07-18 11:31

Last Modified : 2019-07-19 15:20:55

Source : China Central Television (CCTV),China Global Television Network (CGTN)

Restrictions : No access Chinese mainland

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