Britain joins the online taxation fight
Concerned with tax breaks that benefit digital retailers, the U.K. government wants to make a change.
British Finance Minister Phillip Hammond is strongly considering introducing an “Amazon tax,” a move that would ensure taxation was fair for retail companies doing business the “traditional” way, as well as for those conducting business online, according to Sky News.
While Hammond didn’t suggest a specific plan to reform business rates, he indicated that the country needs a new set of taxes to tackle online businesses, which tend to pay far less than their traditional competitors. Hammond suggested a renegotiation of international tax treaties “because many of the big online businesses are international companies. If we can’t get international agreement to do this we may have to look at temporary tax measures to rebalance the playing field until we can get international agreements,” he said in the report.
Hammond told Sky News he is considering “temporary tax measures to rebalance the playing field until we can get international agreements.”
The consideration comes on the heels of reports that revealed Amazon paid less corporation tax in the U.K. in 2017 than it did the previous year.
To read more, click here.
No comments found