The UK would clamp down on overseas technology firms like Google and Facebook by acting unilaterally to introduce a digital revenue levy, if efforts to agree to an international solution on tax avoidance falter, the government said. The financial secretary to the Treasury, Mel Stride, suggested that tough action would be taken, despite opposition from the increasingly protectionist US to targeting the firms, many of which are based in Silicon Valley. His comments came as official figures were released on the diverted profits tax – the so-called Google tax introduced in the UK in 2015 which cracks down on multinational companies avoiding tax by shifting profits overseas – which brought in £388m last year, up from £31m three years ago. The government is working closely with EU partners and the Organisation for Economic Cooperation and Development, which advises on international taxation, to bring in a new global system. However, in an interview with the Guardian, Stride said that the UK was prepared to go it alone to increase the amount of tax that big global technology firms paid – even taking on the US. “We have a strong preference for moving multilaterally in that space but we have said that… Read full this story
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