GAFA tax: Companies have received their tax notice

"Companies subject to this tax have received a tax notice for the payment of the 2020 installments," said Bruno Lemaire. Not to mention the possible wrath of the American authorities, the GAFA have already taken the lead. Here's how.   The negotiations on the digital tax at the OECD have come to naught. “We had suspended the collection of the tax until the OECD negotiations were concluded. This negotiation failed, so we will collect a tax on the digital giants next December, "explained Bruno Le Maire, the French Minister of the Economy, in mid-October. "Companies subject to this tax have received a tax notice for the payment of the 2020 installments," the Ministry of the Economy said today. Facebook and Amazon "are among the companies" which have been notified "in recent days", assures for its part the Financial Times. So after firing the first ones, what should the French authorities expect from now on? Has

TD Bank expects $ 1.1 billion charge for bad debt

TD Bank said on Friday that it plans to record a provision for credit losses related to its US retail banking services of approximately $ 1.1 billion (US $ 800 million) in its second quarter results in because of the pandemic.
 
TD Bank expects $ 1.1 billion charge for bad debt

The burden of funds set aside to cover potentially impaired loans comes as measures taken to slow the spread of COVID − 19 have devastated the economy and left millions of people unemployed.

TD also said the corporate segment is expected to record approximately $ 600 million (US $ 400 million) in credit losses for the quarter ended April 30.

However, this latter provision mainly includes the share of the retail partners' provision associated with the bank's strategic card portfolio in the United States.


According to TD, the share of retail partner revenues and provisions for credit losses recorded in the head office segment is fully offset by non-corporate interest costs and will have no impact on bank profits in the second quarter.

TD Bank is expected to release its full second quarter financial results on May 28.