U.K. Debuts Digital Service Tax In Draft Finance Bill

July 11, 2019, 12:19 PM UTC

The U.K. is pushing ahead with its plan for a 2% tax on the digital revenue of tech giants like Apple Inc. and Facebook Inc. in its draft finance bill for 2019-20.

The tax, proposed by Chancellor Philip Hammond in October after efforts to agree on an EU-wide measure failed, will apply from April 2020. The tax would apply to businesses with at least 500 million pounds ($625 million) of worldwide digital revenue and 25 million pounds of U.K. digital sales.

  • The U.K.'s push comes as France’s Senate July 11 passed legislation for a 3% levy on large tech companies. ...

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