UK plans to drop 'Facebook tax', Mail on Sunday says
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British finance minister Rishi Sunak plans to drop a tax on technology companies such as for example Facebook and Google since it does not raise much money and could hurt a push for a US trade deal, the Mail on Sunday newspaper said.
Britain introduced the digital services tax in April after slow progress in global negotiations over how to tax tech giants, a lot of which are US companies.
The tax is expected to raise about 500 million pounds ($654 million) a year for Britain's public finances.
That represents only a fraction of the 200 billion pounds in extra debt the country has racked up because the start of the COVID-19 pandemic.
The tax can be a potential impediment to a post-Brexit bilateral trade deal between Britain and america.
France and other countries have adopted or are thinking about similar taxes.
Nobody was immediately designed for comment at Britain's finance ministry.
The Mail on Sunday quoted a finance ministry representative as saying: "We've been clear it's a momentary tax which will be removed once a proper global solution is in place, and we continue steadily to use our international partners to attain that goal."
Source: https://www.thejakartapost.com
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