Money: UK follows France as it unveils new tax on Google and other tech giants - PressFrom - United Kingdom
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MoneyUK follows France as it unveils new tax on Google and other tech giants

12:35  12 july  2019
12:35  12 july  2019 Source:   uk.finance.yahoo.com

For U.S. and France, a Tax Fight Over Tech Giants Remains a Sore Point

For U.S. and France, a Tax Fight Over Tech Giants Remains a Sore Point For U.S. and France, a Tax Fight Over Tech Giants Remains a Sore Point

Theresa May seeks to carve a legacy with a new law to make companies like Google , Facebook and Amazon "pay their fair share.".

Theresa May seeks to carve a legacy with a new law to make companies like Google , Facebook and Amazon "pay their fair share.".

UK follows France as it unveils new tax on Google and other tech giants The Google logo is pictured at the entrance to the Google offices in London, Britain January 18, 2019. REUTERS/Hannah McKay

The UK government has unveiled its plans for a tax on global tech firms, just hours after the French senate voted to approve a similar levy despite US opposition.

The British government published draft legislation for the tax on Thursday afternoon, with the new law set to come into force from April 2020.

A 2% tax is planned on the revenues of search engines, social media platforms and online market places which “derive value” from UK users, according to draft legislation seen by Yahoo Finance UK.

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Theresa May seeks to carve a legacy with a new law to make companies like Google , Facebook and Amazon "pay their fair share.".

Theresa May seeks to carve a legacy with a new law to make companies like Google , Facebook and Amazon "pay their fair share.".

Conservative government minister Jesse Norman said the tax would ensure “large multinational businesses pay their fair share towards the public services we rely on.”

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Both the French and British plans come after efforts to secure an international agreement on taxing global tech firms broke down.

But such measures are controversial, with US president Donald Trump ordering an investigation into whether the French proposals could unfairly target US companies.

The UK government has also tweaked its proposals under pressure from business, saying it will make “various changes” after consulting on the reforms.

Company’s revenues will now be assessed on a “group-wide basis,” and financial and payment services will be given an exemption.

MSN are empowering Women In Sport this summer. Find out more about our campaign and the charity fighting to promote the transformational and lifelong rewards of exercise for women and girls in the UK here.

Hey Google, Sonos now supports your Assistant in the UK too.
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