German Finance Minister Olaf Scholz on taxing tech giants

Technology firms aren’t paying their fair share in taxes as well as the item’s time to find a global approach to the problem, German Finance Minister Olaf Scholz told CNBC.

“My biggest concern with the tech companies can be that will they tend to pay taxes nowhere,” Scholz told CNBC’s Annette Weisbach in an interview earlier This specific week.

Google, Amazon, Facebook as well as Apple — a group of corporations sometimes labeled by European officials as “GAFA” — have faced intense criticism coming from politicians within the continent for not paying enough tax.

One of the biggest points of contention has been over the claim that will much activity of tech firms — for instance, in online advertising — can be not actually being taxed.

France has led the pack within the European Union, introducing a 3% levy on the revenues of tech companies that will earn more than 750 million euros ($843 million) worldwide each year. The move has attracted the ire of the U.S., which can be worried the measure could hurt American firms.