U.K. to Tax Revenues of U.S. Tech Giants
In July 2019, France enacted a Digital Services Tax (DST) on large tech companies -- U.S. tech companies in particular were effected, as they are the largest in the world. This sparked a massive trade kerfuffle with the Trump administration. Now ,the U.K. is wading into these same troubled waters, enacting a DST of its own.
As Marketwatch reports today, the U.K. Treasury revealed in recent "budget documents" that it wants to implement a DST against revenues generated by "search engines, social media services and online marketplaces." After exempting the first £25 million of U.K.-sourced revenue, the tax will be implemented at a 2% rate.
Source Fool.com
