Oct 29, 2018
Budget 2018: Tech giants face digital services tax
Technology giants will be forced to pay tax on the sales they generate in the UK, under new plans announced in the Budget. Chancellor Philip Hammond plans to introduce a digital services tax from April 2020 following a consultation. Companies such as Amazon and Facebook have been criticised for the small amount of tax they pay on profits made in the UK. Both the 36-member OECD and the European Commission have been trying to reach a consensus on imposing a digital tax. Mr Hammond said the tax would only be paid by digital services companies that are profitable and generate "At least £500m a year in global revenue". A UK digital services tax may be a temporary measure.
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