EU told plans to crack down on tax regimes of firms such as Google and Amazon may hamper cooperation with US on reform

The American Chamber of Commerce in Europe has warned that the EU’s plans to take more tax from technology giants such as Google, Facebook and Amazon will damage the continent’s economic growth and could lead to a breakdown in cooperation with the US on global tax reform.

The European commission, on the prompting of France and Germany, is seeking ways to capture a greater amount of tax from companies that exploit their lack of physical offices in a country to book their profits in low-tax states.

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