Budget 2018: Here's What It Means For Our Human Rights

04 November, 2018, 10:14 | Author: Otis Hoffman
  • Philip Hammond the Chancellor

In 2017, Amazon sharply increased its profits in the United Kingdom while reducing its corporate tax bill by 40%. He said that while a global agreement on how digital taxes shall be implemented would be an ideal solution to the issue, talks at a global level have been slow.

Scottish Conservative interim leader Jackson Carlaw said: "With tax cuts being delivered south of the border, the case for yet more SNP tax rises next year in Scotland is simply unsustainable".

In the last scheduled Budget before Brexit, Mr Hammond said: "We are at a turning point in our history and we must resolve to go forwards, not backwards and work together to build a Britain we can all be proud of".

"It is clearly not sustainable or fair that digital platform businesses can generation substantial value in the United Kingdom without paying tax here".

According to the finance minister, the tax will be created to ensure that established tech giants and not startups were shouldering the burden.

Hammond noted that the digital services tax will be crafted to not fall on consumers, the way an online sales tax would. These are companies which need assistance to thrive, and an important segment for the UK.

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The announced tax initiative comes as finance officials in the European Union have proposed sweeping new tax legislation targeting technology companies.

From April 2020, large social media platforms, search engines and online marketplaces will pay a two percent tax on the revenues they earn which are linked to United Kingdom users. This would replace the current tax scheme through which they pay a 2% tax rate on revenues in the United Kingdom, which is a lot smaller. But these increases will now come into effect 12 months ahead of schedule at the start of the next tax year on April 6, 2019.

CIOT asserted that the existing principles of worldwide tax law remain to be the best way to tax the global profits of multinational companies. According to research carried out by the campaign group Tax Watch, five of the biggest tech firms (Facebook, Google, Apple, Microsoft, and Cisco) strip the exchequer of £1 billion a year. The plan covers many, but not all, of the core revenue streams through which the world's tech giants make their living. With a no-deal Brexit looking increasingly likely, the United Kingdom needs to attract new investment into the economy and build relationships with trade partners.

"You are painting a picture here that is created to show that I'm abandoning fiscal rectitude", he said.

Tackling the creative accountants in Silicon Valley has been a government discussion for years, though whether the aggressive approach from the United Kingdom will stimulate any progress through the rest of the world remains to be seen.

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