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Bellwether AG Barr can show UK soft drinks how to survive sugar tax woes - Analysis

2019-07-16 16:35:00| Daily beverage news and comment - from just-drinks.com

A profits warning from AG Barr this morning brought a strong reaction from London's financial market. The Irn-Bru owner's forecast that full-year profits will be down 20% on the year-prior sent shares spiralling by almost 30%. Consequently, the gains AG Barr had made since the UK Government implemented its sugar tax last April were almost completely wiped out.

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AG Barr issues profits warning over sugar tax slump

2019-07-16 13:09:00| Daily beverage news and comment - from just-drinks.com

Irn-Bru owner AG Barr has warned that its profits will be down by 20% over the fiscal year as the fallout from the UK sugar tax hits the bottom line.

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France adopts 3% digital services tax, attracting US ire

2019-07-11 14:13:00| Telecompaper Headlines

(Telecompaper) France's Senate has adopted the 3 percent tax on revenues made in France by digital services providers such as Google, Apple, Facebook or Amazon, Le Monde reported. The US govt says it will investigate the tax and make sure it does not unfairly target US companies. French Finance Minister Bruno Le Maire said earlier that while some US companies would certainly be subject to the tax, the legislation is in general aimed at around 30 companies, also from China, Germany, Spain and the UK, as well as from France itself. The tax would be imposed on any digital company with revenues of more than EUR 750 million, with EUR 25 million of that generated in France. It is expected to yield EUR 400 million this year and EUR 650 million in 2020. It was announced by Presidend Emmanuel Macron at the end of last year. The president said the money raised will help finance certain social and economic measures for the country. 

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France passes tax on tech giants despite US threats

2019-07-11 11:59:52| BBC News | Business | UK Edition

The Trump administration says the new 3% tax on sales in France will harm US online giants.

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US govt orders investigation into France's planned digital services tax

2019-07-11 09:33:00| Telecompaper Headlines

(Telecompaper) The US government has expressed concern about the 3 percent digital services tax proposed by France, Reuters reported. Draft legislation on the tax passed France's lower house of parliament in April and is set to pass the Senate on 11 July. US President Donald Trump has now ordered an investigation into the planned tax. "The US is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," US Trade Representative Robert Lighthizer said in a statement announcing the investigation. Lighthizer said Trump "has directed that we investigate the effects of this legislation and determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce."

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