UK announces digital services tax for large tech firms
1 November 2018
Under the measures announced in the 2018 UK Budget, chancellor of the exchequer Philip Hammond revealed that a digital services tax (DST) is to be introduced in 2020. The new tax will force larger digital businesses such as Google, Facebook and Amazon to pay tax on UK-generated sales.
The move is designed as an interim measure, pending global reform, to make sure that the corporate tax system is ‘sustainable and fair across different types of businesses’. It is predicted that the tax could raise £1.5 billion over four years.
