50 BTC prize pool!
Get your share!
i'm in

UK to go ahead with tech tax, despite threat from US

Chancellor Sajid Javid says UK will not drop planned 2 per cent levy on sales made by large digital companies

UK Chancellor Sajid Javid has insisted that Britain plans to introduce its digital tax on large American tech firms in April despite pressure from the US and the threat of new tariffs on UK exports.

However, the US would consider "arbitrarily putting taxes on car companies" if the UK does go ahead, US Treasury Secretary Steve Mnuchin said at the annual World Economic Forum Meeting held in Davos.

The UK chancellor said countries around the world need to work together and agree a plan for a fairer tax system.

Javid said the UK government will go with the plan to impose a new 2 per cent tax rate against the sales that large digital companies make in the UK.

But he also pointed out that the tax would “fall away” if there was an international deal.

“We plan to go ahead with our digital services tax in April. It is a proportionate tax, and a tax that is deliberately designed as a temporary tax,” Javid said.

The remarks come after France agreed to suspend a similar measure after coming under pressure from the US.

France said it would wait to see if a multilateral solution could be found over the course of this year before it levied the tax.

FURTHER READING: France and US in trade row over digital tax

FURTHER READING: Boris Johnson postpones corporation tax cuts

iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and FX pairs with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and FX pairs with crypto or fiat
iMac Image
VISA MASTERCARD Yandex Money WIRE Faster payments SEPA PCI BTC ETH