George Osborne, Britain’s Chancellor of the Exchequer, announced during his Autumn Statement that the Conservative government are to introduce a 25% ‘Google tax’ to prevent multinational corporations from tax dodging.
Companies such as Google, Amazon, Starbucks, and Vodafone have all been accused of paying less tax than should be expected of them. The move is designed to close the loophole that companies operating in the UK have been taking advantage of. “Today I am introducing a 25 percent tax on profits generated by multinationals from economic activity here in the UK which they then artificially shift out of the country,” said Osborne. “That’s not fair to other British firms. It’s not fair to the British people either. My message is consistent and clear. Low taxes; but taxes that will be paid.”
The tax is estimated to generate £1 billion over the next five years, and will come into effect from 1st April, 2015.
Source: ars technica
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