By Grace Bowden2019-07-12T07:02:00
The UK government has confirmed plans to impose a digital services tax on technology giants such as Amazon and Facebook.
The new digital services tax will see companies that earn more than £500m in digital revenue, with over £25m coming from UK users, pay a 2% levy.
The so-called ‘Amazon tax’ was first unveiled by chancellor Philip Hammond in last year’s autumn Budget and will come into effect next April, according to draft legislation of the government’s next finance bill.
The move comes shortly after the White House threatened to impose tariffs on France for similar legislation, which it claimed unfairly targets American businesses.
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