French Tax Legislation Could Hit Social Media Giants

Fresh new tax legislation proposals in France could seriously impact the profits of social media sites like Facebook and Google. Currently these sites gather information about users based on the things they like and sell that to potential advertisers making a tidy profit in the process. Well, some folks over at the tax law offices in France think that they should wet their beaks a little.

The proposal on the table would see France being able to tax the profits of such data collection that takes place within the country. The big social media sites currently avoid most high taxation in Europe by routing their transactions through countries with low tax rates like Luxembourg and Ireland. Although the exact details of these proposals have yet to be released, supporters seem to think they will be able to pass and enforce such a tax law.