U.K. Finance Bill Committee Approves 2% Digital Services Tax

June 11, 2020, 2:39 PM

Lawmakers in the U.K.’s Finance Bill Committee approved a 2% digital services tax proposal Thursday after the government blocked calls to increase the rate to the same level as some other European countries.

A higher rate would boost revenue to help pay for Covid-19 expenditures, some members of Parliament argued. But the tax already is forecast to generate a significant amount, the government said.

“Our estimate is that this will raise 2 billion pounds over a five-year period and I don’t believe that this is a trivial amount,” Jesse Norman, financial secretary to Her Majesty’s Treasury said.

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