UK plans to drop ‘Facebook tax’, Mail on Sunday says
LONDON (Reuters) – British finance minister Rishi Sunak plans to drop a tax on know-how firms equal to Facebook <FB.O> and Google <GOOGL.O> on account of it does not elevate rather a lot money and can injury a push for a U.S. commerce deal, the Mail on Sunday newspaper acknowledged.
Britain launched the digital firms tax in April after gradual progress in worldwide negotiations over how to tax tech giants, plenty of which can be U.S. firms.
The tax is anticipated to elevate about 500 million kilos ($654 million) a 12 months for Britain’s public funds.
That represents solely a fraction of the 200 billion kilos in additional debt the nation has racked up given that start of the COVID-19 pandemic.
The tax will also be a doable impediment to a post-Brexit bilateral commerce deal between Britain and the …