German Finance Minister Olaf Scholz says his biggest concern with tech firms is that 'they tend to pay taxes nowhere.'
Technology firms aren't paying their fair share in taxes and it's time to find a global approach to the problem, German Finance Minister Olaf Scholz told CNBC.
Google, Amazon, Facebook and Apple — a group of corporations sometimes labeled by European officials as"GAFA" — have faced intense criticism from politicians in the continent for not paying enough tax. France has led the pack in the European Union, introducing a 3% levy on the revenues of tech companies that earn more than 750 million euros worldwide each year. The move has attracted the ire of the U.S., which is worried the measure could hurt American firms.
There has been some disagreement among EU member states over how to implement a Europe-wide digital tax. EU Competition Commissioner Margrethe Vestager recently said Europe should"take the lead" on such a proposal if there is insufficient global consensus.
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