Tax aimed at likes of Amazon and Google but OBR says it might raise just £30m from eachThe government has announced a special digital services tax on US technology firms – including Google,Facebook and Amazon – to develop sure “these global giants with profitable businesses in the UK pay their fair share”.
Philip Hammond, the chancellor, and said the UK could no longer wait for “painfully slow” discussions on an international agreement on tackling tech firms’ tax avoidance. He said the UK would move it alone and introduce the tax on online firms that develop more than £500m a year globally. Hammond said he expected the “narrowly targeted tax”,which will advance into force in April 2020, to raise more than £400m a year for the exchequer. Related: UK finally takes on arrogant tech giants with digital services tax | Nils Pratley Related: Hammond says halt of austerity is in sight as he boosts spending Continue reading...
Source: theguardian.com