TL;DR
The United Kingdom will implement a tax on digital giants, including Facebook, Amazon, and Google, to raise at least £400m per year. The tax will charge a 2% fee to companies with a revenue threshold above £500m.
The United Kingdom will be implementing a tax on digital giants including Facebook, Amazon and Google beginning in 2020 . According to a recent article in Yahoo Finance, this will only impact companies that h ave a revenue threshold above £500m.
“It is only right that these global giants, which are profitable in the UK, pay their fair share in supporting our public services,” said finance minister, Philip Hammond.
The launch of this new tax is expected to raise at least £400m ($512m) for the nation each year by charging a 2% fee to each of the business giants in the category.
While many have reacted positively to the announcement, the tax also faces strong opposition from those who fear the tax will leave a bad taste in the mouths of the businesses that have invested in the UK and provided jobs to locals.
In this story
This story was originally published in 1851 Franchise on October 29, 2018. Burnaze summarizes and links to the original reporting.
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