For the third yr as president, France’s president Emmanuel Macron talked to the French tech ecosystem at VivaTech in Paris. This time, he used this chance to defend his insurance policies up to now and say that tech startups have practically all the things they should succeed
Frichti’s Julia Bijaoui, TransferWise’s Flora Coleman, OpenClassrooms’ Pierre Dubuc, Vinted’s Thomas Plantenga and UiPath’s Daniel Dines shared the stage with Macron and every requested one query about funding, European regulation, expertise, the digital single market, and so on.
Similar to final yr, Macron took a powerful stance in terms of company taxes. “As a way to compete with American giants, it’s essential to make it possible for competitors is honest. You pay taxes, so the tech big that’s competing in opposition to it is best to pay taxes too,” Macron stated.
France not too long ago accredited a tax on tech giants. In the event you generate greater than €750 million in income globally and €25 million in France, it’s a must to pay three p.c of your French income in taxes, even when your organization is registered in Eire, Luxembourg or the Netherlands.
“It’s a brief measure as a result of we wish a tax on the European stage, and extra usually on the OECD stage,” Macron stated.
With regards to funding, issues look a lot better now than just a few years in the past. There are actually greater than a handful of French unicorns. And Macron defended his taxation insurance policies, corresponding to a the flat tax on capital achieve and the tip of the wealth tax in your shares in public or personal firms.
And but, it’s nonetheless difficult in terms of exits — if you wish to go down the general public street, you almost certainly should IPO within the U.S. “We’ve to construct a European monetary capital market,” Macron stated. “It’ll require some modifications and deeper European integration,” he added later.
Provided that Europe is about to vote for the European Parliament, a whole lot of Macron’s options concerned the European Union. It typically felt like Macron was campaigning for his personal get together by saying that he needs to go additional, however it’s essential to vote for his get together first.
With regards to expertise, Macron emphasised the standard of French universities and engineering colleges. “We’re aggressive by way of human capital and it’s no coincidence. Just a few years in the past, all people was saying ‘there are a whole lot of French folks in Silicon Valley’. French folks residing in France are the identical, however they price a lot, a lot much less,” Macron stated.
He then talked about the French Tech Visa to draw international expertise, a particular visa for tech expertise and their households. This system has been overhauled a few months in the past.
With regards to regulation, Macron says that the European Union ought to observe the GDPR mannequin. “What we did on privateness, one regulation for all, now we have to do it for different areas,” he stated. “On competitors, on taxation, on knowledge, we have to regulate.”
Macron concluded by defending a 3rd method to regulate and foster tech firms, which is totally different from China and the U.S. “Europe can grow to be the tech chief of tomorrow as a result of we’re constructing a tech ecosystem that’s suitable with democracy,” he stated.
In keeping with him, China doesn’t do sufficient in terms of particular person rights and human rights, which might ultimately backfire for tech firms. And American firms have grow to be too highly effective and uncontrolled for the U.S. authorities.