In wake of Covid-19 it’s time to force the tech giants’ hands on tax
The IndependentAt a time when tech companies are attempting to show what good corporate citizens they are, TaxWatch UK has turned a welcome spotlight on the corporation tax they pay, or rather, the lack of it. They’re welcome, but the point TaxWatch makes, and it’s a good one, is that all this still represents a mere fraction of the money salted away by some of these businesses in tax havens. That was when the Trump administration enacted tax reforms that included both the lowering of America’s corporate tax rate, combined with anti avoidance rules aimed at securing a chunk of corporations’ offshore cash piles for Uncle Sam. “Perhaps health services around the world would be better served if tech companies simply paid their taxes in normal times, rather than relying on handouts in a crisis,” said TaxWatch. Tech executives have often sought to divert attention from their legal, but very cynical, manipulations of the international tax system by insisting that they’ll happily pay if it’s fixed with the subtext “in our favour”.
History of this topic
Treasury urged to tighten up Digital Services Tax on Amazon
The Telegraph
Treasury denies digital services tax could be scrapped in US trade talks
The Telegraph
Why Britain’s tech tax is the first step in the digital crackdown
The Telegraph
UK budget: tax on digital services starts April 1
CNNDiscover Related
