US retaliation feared as Brussels prepares to close Google’s tax loopholes

EU leaders have agreed to make “swift” progress on raising the tax bills for digital giants such as Google and Facebook, despite warnings from smaller states that unilateral action could drive business away from Europe.

France is pushing for a new way of taxing them on the basis of their turnover – rather than profits – to increase the amount collected from companies accused of paying too little in Europe.

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