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Digital tax welcome news to industry
01 November 2018, 01:24 | Kelvin Horton
Image Mr Hammond wants mental and physical health to be treated equally
The government is planning to introduce a new turnover tax on internet giants - tailored nearly exclusively for Amazon, eBay, Facebook and Google - that will be introduced in tax year 2020-21.
"The UK has been leading attempts for worldwide corporate tax reform. but progress is painfully slow", he continued. The government has been under increased pressure to address the tax-avoidance of big corporate companies who generate a lot of sales in the United Kingdom but pay little tax in return. The European Union is reportedly working on legislation that could levy a tax of three percent on tech companies' gross regional revenues, while Singapore, India and other countries in Asia are exploring similar measures. The IFS also pointed out that the tax burden is the highest for nearly half a century - back to the time of Harold Wilson.
THE UK GOVERNMENT has announced plans for a Digital Services Tax aimed at online companies trading in the UK with a turnover of more than £500m per year. "We can not simply talk forever", said Hammond.
Hammond saidthe UK Government would continue to take part in conversations to create a global solution and would replace the digital services tax with a world-wide tax if and when one is agreed upon.
Setting out his income tax cuts, Mr Hammond said the personal allowance will rise to £12,500 and the higher rate threshold will rise to £50,000, both from April 2019.
The announcement came as Hammond splashed out on health services in a spending plan signalling the easing of eight years of austerity with a modest uplift in public spending and few major tax increases. Such a tax would fall on consumers of those goods-and that is not our intention.
The tax, levied at two per cent of UK-derived revenues is meant to raise around £400 million from companies operating specifically as search engines, social media platforms, and online marketplaces.
After shadow chancellorJohn McDonnellsaidLabour would end the working-age benefit freeze if it gained power, the party is set to table Budget amendments calling for income tax rises for high earners.
Tech companies that generate more than £500 million a year in global revenue will be the targets.
Amazon was down 9 per cent, touching six-month low, while Google was off 5.5 per cent and Facebook was trading lower 3.5 per cent. It will only apply to firms making pound500 million (US$640 million) a year in global revenues.
"And far from people's hard work and sacrifices having paid off, as the Chancellor claims, this Government has frittered it away in ideological tax cuts to the richest in our society". In a column on The Drum, IAB chief executive Jon Mew argued that such a tax risked harming the UK's digital ad market.
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