“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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