“HM Treasury is considering imposing an extra tax on tech giants like Amazon, Facebook, Google’s Alphabet and Apple on their revenues rather than their profits because they are not so easy to shift from one jurisdiction to another,” Caoimhe Toman reports for WebFG. “Chancellor Philip Hammond is expected to announce this new measure in a speech next month as a conclusion to the Treasury’s analysis on how to create a fair tax system for online firms.”

“Mel Stride, the financial secretary to the Treasury, told the BBC that companies should pay a fair level of tax regarding the significant profits they’re generating,” Toman reports. “Last year, the European Commission launched a review of the tax practices of large overseas tech firms as it estimated many were paying just half of traditional rivals. ‘The underlying principle for corporation tax is that profits should be taxed where the value is created. However, in a digitalised world, it is not always very clear what that value is, how to measure it, or where it is created,” a statement from the Commission said.'”

Read more in the full article here.

MacDailyNews Take: If and when they grab even more taxes, we’re sure they’ll spend it oh-so-efficiently.

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Ireland seeks custodian for Apple $15.2 billion in back taxes as collection nears – July 22, 2017
EU Commissioner Vestager: Ireland ‘taking too long’ to recover Apple tax – May 19, 2017
EU’s hypocritical Margrethe Vestager going after Apple while backing Madeira tax avoidance scheme – February 14, 2017
Apple has missed the deadline to pay $13.9 billion to Ireland in illegal tax benefits – January 31, 2017
Apple CFO Maestri: What the EC is doing here is a disgrace for European citizens, it should be ashamed’ – December 19, 2016
Apple’s EU tax nemesis Margrethe Vestager takes aim at other U.S. companies’ offshore profits – September 19, 2016
The ‘Brexit-Apple’ connection: What in the world was Margrethe Vestager thinking? – September 12, 2016
EU ministers line up to take tax bites out of Apple – September 12, 2016
Former EU competition commissioner: Vestager claim that Apple owes back taxes an incorrect use of EU law – September 2, 2016
Irish government to fight EU on Apple tax – September 2, 2016
Treasury accuses EU of trying to steal U.S. tax revenues with Apple decision – September 1, 2016
Irish residents opposed to EU’s tax demand of Apple – September 1, 2016
Apple Inc. pushes back against EU tax grab – September 1, 2016
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U.S. tax code allows for dramatic retaliation against EU overreach in Apple case – September 1, 2016
Apple CEO Tim Cook on EU tax demand: ‘No one did anything wrong here and Ireland is being picked on… It is total political crap’ – September 1, 2016
U.S. Treasury: The European Commission’s retroactive tax demands on Apple are unfair – August 30, 2016
EU demands Apple pay massive $14.5 billion in taxes plus interest – August 30, 2016