Multinational tech companies will be subjected to a new 25 percent levy in order to curb tax avoidance and the siphoning of revenues into secretive havens, said Chancellor George Osborne in Wednesday’s Autumn Statement.
Dubbed the ‘Google Tax’, the chancellor plans to tax tech giants at a rate 5 percent higher than the standard level of corporate tax, with the aim to stop companies diverting their profits to untraceable havens such as Ireland and Luxemburg.
American tech giants including Amazon and Facebook are also expected to be hit by the new tax measures, following reports that the latter paid zero corporation tax in the UK last year.
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Lucas 2012 Infos 