LONDON: Britain will introduce a new digital services tax aimed at tech giants from 2020, finance minister Philip Hammond said on Monday (Oct 29), responding to public outrage over low tax payments. Britain’s Chancellor of the Exchequer Philip Hammond presents his budget statement in the House of Commons in London. (HO/PRU/AFP) “It is only right that these global giants with profitable businesses in the UK pay their fair share,” Hammond told parliament as he outlined the government’s annual budget. Hammond said the tax would be introduced from April 2020 and would apply only to profitable businesses that generate at least £500 million (US$640 million) a year in global revenues. The tax is expected to raise £400 million a year, he said, adding that more details would be revealed later while stressing that it would not be a tax on online sales. Hammond added that Britain would also continue to press for “international corporate tax reform for the digital age”. He quipped that he was “looking forward” to getting a call from former deputy prime minister Nick Clegg, who was named as Facebook’s new head of global affairs earlier this month. There is political and public unease over the levels of… Read full this story
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